News

The Ministry of Financial Services is instituting its business continuity plan to minimise staff risk and maintain the confidence of the financial services industry in the midst of the coronavirus (COVID-19) pandemic.

In accordance with wider Cayman Islands Government policy, the Ministry is utilising remote working capabilities and a shift-based approach to working hours for staff. The creation of necessary financial services legislation, through the Department of Financial Services Policy and Legislation; the functionality of tax-related portals, through the Department of International Tax Cooperation; and the registration of company details and vital statistics, through the General Registry, will continue with minimal disruption.

‘The Ministry will continue to work towards meeting international deadlines. In doing so, the Ministry will continue to engage with industry and the relevant international bodies, as appropriate’, said Ministry Chief Officer Dr Dax Basdeo. ‘At times like this, it’s important that we all remember the spirit of cooperation and collaboration that is central to our collective success’, he said.

As the Ministry maintains its engagement strategy, consultations on various pieces of legislation will continue with relevant local financial services bodies.

‘The Ministry is sensitive to the steps being taken by local industry to ensure business continuity, and, where necessary, we will make adjustments to the consultation process for the legislation in development’, Dr Basdeo said.

For more information on Government’s response to the coronavirus, please visit www.gov.ky/coronavirus and hsa.ky/public-health/coronavirus.