C3 Pure Fibre
Flow – Postpaid Mobile Plans
Business Culture News Politics

Non-profits law aims to bring charitable sector into focus

The non-profits legislation is now in effect, and one policy expert says the new law will help bring the charitable sector of the economy into focus. As it stands, there’s no real picture of how many non-profits are operating in Cayman, how much money they’re working with, or what they’re doing with it.

Wilbur Welcome, a policy officer in the Ministry of Financial Services told Cayman 27 the new non-profits law has three main functions.

“The first is to meet FATF requirements, secondly it’s in the public interest that we have some structure around nonprofit organizations in the jurisdiction, and thirdly we wanted to streamline some of the processes that apply to nonprofit organizations,” said Mr. Welcome.

Mr. Welcome said Cayman is due for an assessment from the Financial Actions Task Force, or FATF, in December. The new law will meet its monitoring requirements.

“The collection of information is for us to do a risk assessment of the sector, to go back to the FATF client that we can monitor those who represent the greatest risk of terrorist financing,” said Mr. Welcome.

For the public, he said the new law will help prevent fly-by-night charities from taking advantage of the community’s generosity and goodwill.

“It’s in the public interest to know who has been registered, who is legitimate and doing business in the sector,” said Mr. Welcome.

Under the law, he said the registrar and the Attorney General have powers to investigate a non-profit organisation.

“In the instance where someone is operating a nonprofit outside of the law and there’s been complaints filed, and investigation will be instituted and it will follow the legal procedure,” said Mr. Welcome.

He said current section 80 non-profits must register within a one-year period.

The penalty for not registering is a  $500 automatic fine, and $10 a day each day thereafter, up to $3000.

Mr. Welcome said there are some exemptions, such as one-time community fundraising events.

About the author

Joe Avary

Joe Avary

Joe Avary has been with Cayman 27 since 2014. He brings 20 years in television experience to the job, working hard every day to bring the people of Cayman stories that inform the public and make a difference in the community. Joe hopes his love for the Cayman Islands shines through in his informative and entertaining weather reports. If you have a story idea for Joe or just want to say hello, call him at 324-2141 or send an email to josephavary@hurleysmedia.ky

Add Comment

Click here to post a comment
Eclipze
Kirk Freeport1
Baptist Health International 300×250 – Side
Cricket – CPL T20
Hurley’s Media – Lipsync Battle 2
Hurley’s Media LipSync Battle 3

Subscribe Today

Please fill out the information below to Subscribe to Hurleys Media LTD. This will allow you to post comments on articles, get notifications on upcoming events and MORE!
Email address
Favorite Radio Station(s)
Spam free & Secure :)
%d bloggers like this: