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Money & Business: Taking Cayman forward

Speeding up the system

Financial services minister, Hon. Wayne Panton, announced details of a new online system. The portal will enable Cayman financial institutions to comply with their reporting obligations under Domestic Law, and in accordance with inter-governmental agreements including United States FATCA.

This is a global initiative. Its not one that Cayman is simply adopting of its own initiative. It is a global standard. Cayman, as a global player in the global financial architect of the world, needs to meet global standards and comply with global obligations, he said.

Money moved from Cayman

Malaysia's debt-ridden state investment agency has moved one and US $1.5 billion out of Cayman. One Malaysia Development Berhad, known as 1MDB, has been under fire for running up millions of dollars worth of debts.

Owned by the Finance Ministry in Malaysia, the bank announced this week it has shifted the cash out of our islands, and moved it back to Singapore.

The Ministry said in a written reply to a question in parliament the move is to facilitate fund withdrawals as approval from Malaysia's Central Bank is needed for transactions.

New $55m ORIA plans unveiled

The plans for the new Owen Roberts International Airport were unveiled this week. Its going to cost $55 million. The renovated airport will be able to accommodate 2.7 million passengers each year and should be ready to take off in 2017.

Designed by US-based RSamp;H, the new design will give Cayman a more modern and competitive airport.

The building is going to be close to three times the size that it is today, and all the main functions and features of the building are going to be bigger.

Construction is expected to begin at the end of this summer.

Immigration to go online

Government wants to take immigration into the new age. A request for proposals from companies to put immigrations application process online will go out on Monday. The aim is to find a vendor who can provide web-based customer service of both the work permit and criminal record application aspects for the department.

Premier Hon. Alden McLaughlin says its all in an effort to make the Cayman Islands more business friendly. Its anticipated the new 24-hour system would streamline communication and improve transparency.

It will also work hand in hand with the National Workforce Development Agency and Trade and Business Licensing.

Watch the video for more.