CIIPA welcomes changes to Accountants Act Loop Cayman Islands

Black Immigrant Daily News

The content originally appeared on: Cayman Compass
Loop News

August 20, 2022 06:53 AM ET

CIIPA Council

The Cayman Islands Institute of Professional Accountants said that they welcome provisions included in the Accountants (Amendment) Bill, 2022, which updates certain legislative references and definitions, enhancing the administration of the legislation.

According to CIIPA, CIIPA led the effort to initiate the changes and worked together with the Ministry of Financial Services on the legislation.

“We appreciate the opportunity to collaborate with the Ministry of Financial Services on this bill as well as working together on future necessary amendments,” CIIPA Chief Executive Officer Sheree Ebanks said. “CIIPA’s input stemmed from its members’ vast experience and knowledge. CIIPA is also thrilled to formally recognize our retired members who have contributed significantly to the development of the profession and the financial services generally. We look forward to the Bill’s passing as it will allow CIIPA to more effectively, efficiently and equitably act in its role of industry regulator for the Cayman Islands.”

CIIPA is eager to become more inclusive in its membership offerings. In addition to recognising retired members, student membership would now be open to anyone legally residing in Cayman who is pursuing a professional accounting qualification.

The Ministry of Financial Services announced the Bill through a press release on Monday, August 15. In it, the Ministry outlined the key provisions of the Bill, which include clarity around the definition of firms of public accountants, broadening of licensing scope and categories of CIIPA members.

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‘Goede afzet Melkcentrale op Barbados

Black Immigrant Daily News

The content originally appeared on: De Ware Tijd Online

PARAMARIBO — Minister Parmanand Sewdien van Landbouw, Veeteelt en Visserij (LVV) meent dat de Melkcentrale Paramaribo (MCP) “goede afzet” zal

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HCMI & Red Cross offer training for disaster preparedness Loop Cayman Islands

Black Immigrant Daily News

The content originally appeared on: Cayman Compass

On Saturday, Hazard Management Cayman Islands (HCMI) and the Cayman Islands Red Cross successfully completed day one of the Community Emergency Response Team (CERT) training for community volunteers at the South Sound Community Centre.

The training, which covers various aspects of disaster preparedness, disaster management, risk assessment, team deployment, stress management and radio communication, continues again today (August 21) from 8:30am to 5:00pm.

Disaster preparedness

In relation to the training for disaster preparedness, Teresita DaSilva, Preparedness and Planning Manager for HCMI and Eddie Sepp Tinling-Miller, Head of Disaster Preparation of the Cayman Islands Red Cross, taught CERT volunteers about the structure of community emergency response teams, their roles and responsibilities and how they will be tasked with coordinating their teams with national agencies before, during and after a disaster event. An example of this structure, which includes team members assigned to medical, communication and search & rescue roles, is set out below (this structure is not set in stone and may vary by community).

Deployment

Once a community emergency response team is activated by the National Emergency Operations Centre (NEOC) to respond to a disaster event, the relevant community emergency response team will meet at a pre-arranged location (a shelter, community centre or park), assuming that the designated area is out of harm’s way and it is a place that the team can be safe (team members must be kept safe in order to be ready to offer help to others following a disaster). Before arriving or upon arrival at the meeting place, the community emergency response team leader and HCMI will share information with team members about the extent of the damage to the community. Once the task before them.is properly assessed, community emergency response team members will be deployed to various locations depending on assigned tasks.

Stress management

During and after deployment, as noted by the HCMI and Red Cross trainers, team members must take note of their own stress levels. They must also appreciate that many community members that require the team’s assistance may have also experienced emotional and mental stress as a result of the disaster event. This assessment can impact who is deployed by the team leader to specific disaster sites or to deal with specific categories of persons following the disaster event.

In explaining the importance of this, Mr Sepp Tinling-Miller, Head of Disaster Preparation of the Cayman Islands Red Cross, explained his personal experience as a police officer previously. He described how he was the first officer on the scene of an accident, where the shock and stress of the event impacted him so greatly that he did not function in the same way that he would have had he not been first on the scene and had sight of the accident.

When community emergency response team members, first responders and others understand the depth of this type of scenario, they will be better prepared to determine the appropriate approach to, and method of communication with, disaster victims, with the ultimate goal of keeping everyone physically and psychologically safe. If not handled correctly, the wrong approach could lead to unproductive or unwanted outcomes in the middle of a national emergency.

Radio communication

In relation to communication, the volunteers learned about the use of Whatsapp, a national disaster app and how to use radios or “walkie-talkies” to keep in touch with each other, the HCMI team and first responders in the event that phone lines go down post-disaster. A sample role play was also done with trainees by Leslie Vernon, Manager for Logistics and Operations at HCMI, who taught trainees about radio etiquette and important rules to be followed while using radios.

Leslie (Lennox) Vernon, Manager for Logistics and Operations at HCMI

Looking forward to Sunday’s training

As a result of this course being offered by the HCMI and Red Cross teams, by the end of today (Sunday), volunteers will have acquired sufficient planning, team coordination, risk management and risk assessment skills to enable them to competently fulfill roles as members of community emergency response teams, to be deployed by authorities (or self-deployed) in the advent of a disaster.

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Education Dept announces examinations results collection process Loop Cayman Islands

Black Immigrant Daily News

The content originally appeared on: Cayman Compass
Loop News

44 minutes ago

The Department of Education Services (DES) announced that examination results for outgoing Year 12 students will be available for collection from 9:00 am to 5:00 pm on Monday, September 5, 2022.

Students/parents in Grand Cayman should collect results from the Department of Education Services. Those in Cayman Brac should proceed to the Layman E Scott Snr High School to collect examination results.

Results will only be given to persons possessing a receipt showing that any outstanding fees have been paid.

Persons should have already received invoices from their schools for outstanding fees. However, those in Grand Cayman who are uncertain or require a new invoice may call the Ministry of Education’s Finance Unit at 244-1804 or the Layman E. Scott Senior High School at 948-2226 for those in Cayman Brac, to obtain the relevant invoice.

To pay outstanding fees, take invoices to the Treasury Cashier in the reception area of the Government Administration Building or the Cayman Brac Teacher’s Centre.

Once receipts are issued, students/parents may proceed to the DES or the Layman E. Scott Senior High School to collect results.

To learn more or to access the 2022/2023 academic school calendar, visit https://schools.edu.ky/Pages/Home.aspx.

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SEC charges 18 people for hacking retail brokerage accounts and fraud Loop Cayman Islands

Black Immigrant Daily News

The content originally appeared on: Cayman Compass

The Securities and Exchange Commission last week charged 18 individuals and entities for their roles in a fraudulent scheme in which dozens of online retail brokerage accounts were hacked and improperly used to purchase microcap stocks to manipulate the price and trading volume of those stocks. Those charged include Rahim Mohamed of Alberta, Canada, who is alleged to have coordinated the hacking attacks, and several others in and outside the U.S. who allegedly benefited from or participated in the scheme.

According to the SEC’s complaint, in late 2017 and early 2018, hackers accessed at least 31 U.S. retail brokerage accounts and used them to purchase the securities of Lotus Bio-Technology Development Corp. and Good Gaming, Inc. The unauthorized purchases allegedly enabled fraudsters, who already controlled large blocks of Lotus Bio-Tech and Good Gaming stock, to sell their holdings at artificially high prices and reap more than $1 million in illicit proceeds. According to the complaint, Davies Wong of British Columbia, Canada, and Glenn B. Laken of Illinois, respectively, controlled the majority of the Lotus Bio-Tech and Good Gaming stock that was sold while the hacking attacks were being carried out, and Mohamed coordinated with Wong, Laken, and others to orchestrate the attacks. The complaint also alleges that Richard Tang of British Columbia, Canada, was involved with both the Lotus Bio-Tech and Good Gaming schemes.

“This case illustrates the critical importance of cybersecurity and of our ongoing efforts to protect retail investors from cyber fraud,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “The SEC remains committed to rooting out this type of wrongdoing. Investors should also take precautions, including choosing strong passwords, using different passwords for different accounts, and using two-factor authentication when available.”

“Our complaint details a brazen and sophisticated scheme, with hackers using international accounts and dummy accountholders to hide their tracks,” said Nekia Hackworth Jones, Director of the SEC’s Atlanta Regional Office. “As this case demonstrates, the Division can uncover misconduct even when it crosses borders and is concealed behind multiple layers of obfuscation.”

The SEC’s complaint charges violations of the antifraud and beneficial ownership reporting provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934 and names two relief defendants who received proceeds from the hacks. The SEC seeks the return of ill-gotten gains plus interest, penalties, bars, and other equitable relief. The SEC’s investigation is continuing.

The SEC’s investigation has been conducted by Joshua Dickman and Lucy Graetz of the Atlanta Regional Office, Andrew McFall of the Washington, D.C. Office, and Patrick McCluskey of the Philadelphia Regional Office, with the assistance of Marlee Miller and Owen Granke of the SEC’s Office of International Affairs. The case is being supervised by Acting Chief of the Crypto Assets and Cyber Unit Carolyn Welshhans, Market Abuse Unit Chief Joseph Sansone, Justin Jeffries and Natalie Brunson of the Atlanta Regional Office, and Amy Flaherty Hartman of the Chicago Regional Office. Robert Gordon and William Hicks of the Atlanta Regional Office will lead the SEC’s litigation, supervised by M. Graham Loomis.

The SEC appreciates the assistance of the Financial Industry Regulatory Authority, the Alberta Securities Commission, the Australia Securities and Investments Commission, the British Columbia Securities Commission, the Calgary Police Service, the Cayman Islands Monetary Authority, the Dubai Financial Services Authority, the French Autorit? des March?s Financiers, the Hong Kong Securities and Futures Commission, the Mauritius Financial Services Commission, the Ontario Securities Commission, the Quebec Autorit? des March?s Financiers, the Royal Canadian Mounted Police, the Securities Commission of the Bahamas, the S?ret? du Qu?bec, the Superintendencia del Mercado de Valores de la Rep?blica Dominicana, the Swiss Financial Market Supervisory Authority, and the United Kingdom Financial Conduct Authority.

To learn more about how to protect your online investment accounts from fraud, please visit the SEC’s Office of Investor Education and Advocacy investor alerts webpage.

(Source: SEC)

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Water Authority disconnections for Monday, August 22 Loop Cayman Islands

Black Immigrant Daily News

The content originally appeared on: Cayman Compass
Loop News

38 minutes ago

Water Authority is advising members of the public that the next set of disconnections will occur on Monday, August 22 and will affect all areas between Prospect and East End.

If you are a customer in one of these areas and have a past due balance, Water Authority is encouraging you to pay your bill online using the following link: https://tinyurl.com/4vhvtaa4.

Customers are also reminded that the Water Authority offers payment agreements to customers who have had a leak, are facing an unexpectedly high bill, or who are experiencing personal hardships and require financial assistance as a result.

If you know that you are not going to be able to pay your entire bill on time, please contact the Customer Service Department via email at info@waterauthority.ky or by telephone at 949-0094 at your earliest convenience before the payment due date to discuss the possibility of a payment agreement.

Otherwise, services may be disconnected.

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EMA to reccomend steps to protect Caroni Bird Sanctuary

Black Immigrant Daily News

The content originally appeared on: Trinidad and Tobago Newsday

News

Absorbent booms at the entrance of drain number nine which were placed to prevent the contaminant from entering the Caroni Swamp on August 11. – Jeff K. Mayers

The Environmental Management Authority (EMA) says recommendations to prevent a recurrence of a recent spill of a yet-to-be identified substance which seeped into the waterways of the protected Caroni Bird Sanctuary is among proactive measures to be taken.

On Friday, incident commander Steve Lalbeharry, accompanied by Forestry Division officers, took the media on a guided tour of the sanctuary to show that there were no residual signs of the contaminant which was first discovered on August 11, in a drain at the sanctuary’s public carpark, near the Uriah Butler Highway.

Lalbeharry identified three potential sources of the leakage of the substance – at the carpark, Frederick Settlement Industrial Estate and the intersection of the skimming drain along channel nine.

The EMA, along with the Institute of Marine Affairs (IMA), the Forestry Division, the Office of Disaster Preparedness and Management (ODPM) and other agencies have been on the ground mopping up any residual substance and contaminated grass and other debris since August 11. The following day, dead fish were observed along channel nine likely as a result of the contaminant.

Navin Kalpoo captains the boat while making pineapple chow during a tour of the Caroni Swamp with the EMA on August 19. – Jeff K. Mayers

About three barrels of oily, black substance were suctioned from the carpark drain and other absorbent pads were used to extract the substance from the surface of the water. Three absorbent booms were also placed at the entrance to channel nine to block the flow of the substance and they were still in place on Friday.

Lalbeharry said the EMA is awaiting the analysis of the substance recovered and the investigations are continuing. Anyone found culpable of dumping contaminants, especially in a protected wildlife area, can face substantial fines under the amended legislation.

The Caroni Bird Sanctuary lies west of the Uriah Butler Highway and the 8,300 hectares of wetland is the home of one of the national birds, the scarlet ibis, pink flamingoes, a variety of fresh water fish, snakes, including anacondas, caimans, and numerous others species of animals.

Thousands of eco-tourists visit annually, both locally and internationally, for the guided boat tours along the scenic eight-kilometre north/south channel of the Blue River which leads to the Gulf of Paria. Mangrove trees line the river and branches form a canopy overhead with the odd rainbow boa constrictor adding to the adventurous journey.

Boat tour operators now offer both breakfast and diner tours which patrons can witness flocks of scarlet ibis either leaving the sanctuary in the morning or returning to roost at twilight.

During the tour there was no visible signs to the human eyes or scent of hydrocarbons after the boat left the visitor’s docking station. Apart from a handful of discarded plastic bottles and coffee bottles there was no commercial debris trapped in the mangrove roots. Several trees had fallen into the canal and the captain, Navin Kalpoo, had to switch off the engine and manoeuvre the vessel safely across.

Chaguanas West MP Dinesh Rambally, who was on site on August 11, in a letter to the EMA, the IMA and the ODPM on August 19, called for greater monitoring of the sanctuary and a quicker response to potential environmental dangers.

“Any large-scale dumping of oil will severely damage the quality of soil and water such that large tracts of the bird sanctuary will become uninhabitable and its critical ecosystems destroyed. I cannot emphasise enough that our survival cannot be delinked from the ecosystems and natural environment in which we live.”

” The Caroni Swamp is so ecologically diverse with its particular collection of fish, insect, other organisms and plant species. It is absolutely unique. As such it is protected by the Ramsar Convention. Loss of, or damage to, this particular environment would mean the loss of things that exist nowhere else and that can never be replaced.

The mangrove forests and wetlands provide nurseries and shelters for fisheries, habitat for a variety of domestic wildlife and migratory birds. They are a source of food for organisms of the lower part of the food chain. Their roots also play an important role in the mineral cycle that is necessary for maintaining the productivity exhibited by the mangrove communities.”

Rambally said oil contaminants can be taken up by plant roots, causing damage to the plants over time and affect animals and humans in the long run.

Steve Lalbeharry, incident commander of the EMA speak to the media during a tour of the Caroni Swamp on August 19. – Jeff K. Mayers

While he commended the EMA and the other agencies for its efforts to clean up the oily substance on August 11, he believed the response was too slow as the scent was first detected by tour operators late August 10 to early August 11, and the vacuum truck began operation around 6.30 pm on August 11.

“My intention in raising this is not to point fingers at any entity but simply to ensure whether we can establish, for the purposes of investigation, whether there was a time lag in relaying information between Forestry Division and the EMA and/or whether there was a time lag in responding to this environmental disaster.”

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Guyana, Barbados leaders: Invest more to make region sustainable

Black Immigrant Daily News

The content originally appeared on: Trinidad and Tobago Newsday

News

Guyana President Dr Irfaan Ali and Barbados Prime Minister Mia Mottley chat with business leaders during a meeting at The Brix, St Ann’s on Friday. – JEFF K MAYERS

Caricom business leaders have been called on by the heads of government of Guyana and Barbados to invest more in the region to help it become more sustainable.

Dr Irfaan Ali and Mia Mottley raised the issue during discussions to reduce the Caricom import bill by 25 per cent by 2025 with private sector members at The Brix, St Ann’s on Friday evening.

“We have to be able to put forward credible opportunities, and to ensure that we can secure the stability and then the prosperity for our region in a very uncertain world,” Mottley said.

She said this was possible through import substitution and the mobilisation of capital, which will be addressed at the end of the month at a meeting of Caricom finance ministers.

“And hopefully, we can get a pathway to take in something that was literally laid on the books of Caricom Secretariat for more than a decade. Secondly, we need to be able to make sure that the US$100 billion in savings that exists in this region, now US$50 billion to private companies and the rest in the non-bank financial institutions, that we can find instruments to allow us to unlock that. Because with all due respect, there has to be diversity in terms of investment, and not just allowing our money to work through patient interest rates and savings.”

Mottley said she plans to have Barbados move away from being known strictly for sugar and has determined to use renewable energy to stabilise a number of sectors.

“One of them, of course, is agriculture. Largely because unlike Trinidad and like Guyana, we do not have the benefit of the scale of production. But we need still to maintain a rural and ecological society if we are to keep our society stable. As a result, we, therefore, have to be able to look after not only our people, but create an export market. And we need to marry that opportunity with the logistics opportunity that God gave us when he put us where he did, geographically.”

Ali also touched on the importance of investments. “I want us today to spend a few moments understanding the big picture and how to position your investment in line with the bigger picture, opportunities that will be created as a result of the opening up of the economy, expenditure, years of transformation, and doing the comparative advantage of all sectors. So that is what we’re doing in a nutshell, in fact, to do the comparative advantage of all the sectors,” he said.

Ali said part of Guyana’s development includes building a new city – Silica City – which is the goal beyond the 2025 benchmark.

“We’re looking for practical things, things that meet the development aspirations of our people, we’re not going to build 100 flyovers, we do not need 100 flyovers, so we have made it very clear. In addition to this, we are very interested in Silica City. Now, why Silica City? As you know, 80 per cent of our population live on the coast. So we are building a new city that will be sustainable. This city will have a lot of different characteristics than the existing cities and cities as we know.”

He said another development would be the construction of hotels and accomodation for those who are seeking it.

“We are now looking at investors coming in to build. In terms of rooms, we’re having a serious problem with rooms now, a lot of investors out of Trinidad are trying to help us with that. We have at least three hotels that are being built by investors from TT. So the hospitality sector, the household building, a national training institution to train our young people to do the jobs of the future and what are the jobs in the future.”

Ali said they are working on incorporating coding into primary and secondary schools. He explained that all levels in primary schools must be exposed to elementary training of coding and those in secondary schools must develop intermediate skills in software development.

“We’re trying to position Guyana as a major, high-skilled workforce in the world. So, in positioning Guyana to be a major high-skilled workforce, we are making the necessary investment in changes in the education system that will help us realise this. Only recently, we had a very good meeting with some of the specialists from Google and MIT guides, who are working with us now on structuring an innovation village with hidden uses.”

As for the healthcare system, at least six new private hospitals will be opened with one specialising in plastic cosmetic surgery as Guyana recently signed an agreement with Mount Sinai Hospital in New York.

Ali suggested the region look into developing wellness centres as the climate and conditions match perfectly with the requirements of these centres.

He added, “We’re not asking you to come out of your specialised area, we’re not asking you to give up your market, we are asking you for us to come together and instead of producing a commodity, let’s produce an entire even house.”

He said Guyana and Barbados have started with food production.

“We’re not going to wait on the private sector, we have developed seven proposals. We’ve done all the finances and modelling for Barbados, we left one for TT and we have submitted it to Republic Bank Ltd.”

He said if the private sector does not work fast enough, Guyana and Barbados may form a holding company to show the rest of the region it can work.

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Changes to limited liability company rules coming soon Loop Cayman Islands

Black Immigrant Daily News

The content originally appeared on: Cayman Compass
Loop News

20 hrs ago

Minister of Financial Services and Commerce, the Hon. Andr? Ebanks

Existing limited liability companies (LLCs) would no longer have to file a certificate of amendment on membership changes with the Companies Register, as one of the key proposed changes in the Limited Liability Companies (Amendment) Bill, 2022.

While changes would no longer be filed with the Companies Register, the amendment also would require LLCs to maintain, at their registered offices, the names and addresses of their members in their register of members, and the nature of their voting rights; and to provide this information upon demand to the Companies Register.

Lastly, because penalties for failure to provide beneficial ownership information are now covered in the Cayman Islands’ beneficial ownership administrative fines regime, the amendment proposes to remove the penalties provision in the current LLC Act, thereby removing the duplication.

“These three amendments are in line with global regulatory requirements set by the Financial Action Task Force (FATF) for fighting financial crimes, while clarifying the LLCs’ responsibilities in relation to maintaining and providing beneficial ownership information,” the Minister of Financial Services and Commerce, the Hon. Andr? Ebanks, said.

A “beneficial owner” is a person who ultimately owns or controls an entity, although the entity may be held in another name.

Minister Ebanks will present the Bill at the next sitting of Parliament.

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Central farmers protest outside agri forum

Black Immigrant Daily News

The content originally appeared on: Trinidad and Tobago Newsday

News

MP for Couva North Ravi Ratiram and Couva farmers protest outside of the agri investment forum and expo at Queen’s Park Savannah, Port of Spain on August 19. – Photo courtesy Ravi Ratiram

UNC MP Ravi Ratiram led a group of farmers protesting against government’s failure to settle issues affecting the industry at the Queen’s Park Savannah, in Port of Spain on Friday.

Ratiram, along UNC constituency co-ordinator for Diego Martin West Marsha Walker said the protest on the outskirts of the agri investment forum and expo was to highlight the issues farmers face, the high price of food and environmental issues.

Ratiram urged all farmers to reach out to him when they need representation. He said he met with farmers of Union Village and Exchange Village, Couva on Thursday and ]recommendations were made to the Agriculture, Land and Fisheries Ministry to have the water courses in the area cleaned to prevent flooding of their fields.

Couva farmers protest outside of the agri investment forum and expo on Friday at the Queen’s Park Savannah on August 19. – Photo courtesy Ravi Ratiram

“The water courses are overgrown with bushes and with the slightest of rain, the entire area where we have thousands of farmers in Central Trinidad are being flooded out.”

He also added that given these problems, high prices will continue to plague the country leaving people to starve and threaten the livelihoods of those who already cannot afford food.

MP for Couva North Ravi Ratiram with protesters outside of the agri investment forum and expo at Queen’s Park Savannah, Port of Spain on Friday. – Photo courtesy Ravi Ratiram

He called on the Prime Minister and Minister of Agriculture, Land and Fisheries Kazim Hosein to have compassion for people in TT. Walker said the government’s participation at agricultural forum and expo was not representation.

“Our leaders need to put on boots and sneakers and come on the ground. This thing where they’re sitting in their offices and making phone calls has to stop and citizens need to demand better.”

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