Gov to access unclaimed cash
(CNS): Government could soon receive as much as $US10 million as a result of a new law passed in the Legislative Assembly this morning (Friday 9 July). The Dormant Accounts Bill 2010 gives government a legal and transparent mechanism to seize money from accounts that have laid dormant for six years or more. The law requires the relevant financial institutions to take all reasonable measures to contact the legal holders of account that have not been active for this period but if the money is not claimed within a given period the bank or financial institution will be required to write a report and hand the money to the public purse.
The law also provides a way by which a legal account holder can reclaim seized funds from government even after an account has been closed and removes any legal responsibility from the financial institution in which the money was held.
Bringing the law to the House in his capacity as Minister of Finance, McKeeva Bush said many of the accounts in question had been dormant for many years. He noted, however, that while the law provided a way for government to obtain the funds, it also created a route for the rightful owners to also be reunited with their assets.
Bush explained that financial institutions that identified accounts as dormant with no activity by the legal owner for the last six years should take all steps to locate the rightful owner. Following that, it was required to publish notice in the gazette, newspapers and other relevant media notifying the intended closure and seizure of the cash by July of the given year. If the legal owner had not made contact by the end of that year, the financial institution was required to hand the funds over to the public purse and a report to the ministry and the Cayman Islands Monetary Authority (CIMA).
The law also requires that Cayman Islands financial institutions keep a register of all dormant accounts.
A government official estimated that among the numerous accounts that have lain dormant for many years there is around US$10 million in unclaimed cash, which government can now take steps to begin to recover.
Following the premier’s presentation of the new legislation the opposition benches offered their support for the intent of the law but raised concerns about the speed with which the bill was brought to parliament.
Alden McLaughlin asked if the financial sector had been consulted on the legislation. Given that the opposition only saw the bill for the first time yesterday, they had not been able to seek opinion from their contacts in the industry to ensure that it would not cause them any problems or raise any alarm over the power government now had.
Bush dismissed the opposition’s concerns and said they were doing what they always did, which was to try to stop government getting on with what needed to be done. The premier denied the fact that the opposition had only received the bill on short notice and said they had had plenty of time to read the new law.
Category: Headline News
Similar unclaimed property laws exist in every state in the United States, Puerto Rico, Guam, the Virgin Islands, Alberta (Canada), Ireland and other countries. The idea is to protect the consumer’s money.
Yes similarly governments in other countries do claim unclaimed ‘Cash but not after 6 years !!!
Six years is minimal time to roll over your CD.
SIX YEARS IS "YESTERDAY" hello!
I expected better of this Premier. You give him one inch he’ll take a mile!
None of these countries worldwide is going after dormant accounts as young as 6 years old! That’s robbing the cradle ‘RAPE!"
Now I can understand Accounts 20 or 30 years old or maybe 40 or 50 years old would be a more comprehensive approach.
Y s very old accounts with no activity would seem reasonable Even an account10 years old should not be disturbed and exempt.
BUT A YOUNG ACCOUNT 6 (SIX) years old? We have areal problem guys, somebody better start thinking .
I visit Unclaimed cash quite regularly and there is a lot of money there for many Caymanians with last names starting from A – Z you all should check it out.
visit:fltreasurehunt.org
Alex Sink presently running for governor of Florida is the Director of the Financial Authority and its her website by the way.
HOWEVER LET ME CORRECT YOU.
THEY DO NOT SEIZE ANYONE’S ACCOUNT AFTER SIX YEARS!
The account has got to be at least 20 to 50 or more years old.,
This is highway robbery 6 years is a deposit or an account opened up YESTERDAY!" only communist dictators behave like this.
YOU are the Dummy being led away by your nose by this man called the premier!
Accessing dormant accounts is OK provided the time frame is comprehensive and acceptable outside of this it is theft or robbery.
What I am witnessing is a bunch of uneducated , uninformed idiots criticizing the premier for something the uK, the United States, Canada and all other countries are doing.
Visit the website of the financial authority in Florida under Alex Sink and you will see that they use Unclaimed cash for education ad such likes.
You people are hard to please!
Do your research before screaming, you look foolish!
So piracy still exists in Cayman!
Well let me tell ya man. Anyhow McKeeva touches my lil dollars I am keeping for my Grand Child, I am going to the International Press and I mean CNN, FOX and The other Prime Timers and let them know, that the Premier of the famous Cayman islands is stealing his peoples money and breaking the confidentiality Laws of the Cayman islands. XXXX
i work at a bank and we allow 15 years before classifiying an account as dormant. can anyone clarify what this policy means? does it mean that we have a further 6 years to try to reach the client and if we don’t then the funds go to government? (i think that is what the article means?)
this policy may be nothing new internationally but i do agree with previous poster about confidentiality implications. is there any breach of confidentiality here? i hope the FS looked into that before making this move.
calm down guys. I am a civil servant and I can confirm that the FS consulted with the local banks on this issue several months ago actuallly (i heard it was discussed a few years ago as well). in many cases these banks would have these accounst inactive for as much as 30 years so the way the law is written it means that they have a further 6 years to try to reach the client before any funds can go to the government. I don’t know how many countries do this but it does happen in most of the advanced countries like US, UK etc.
But you still have not addressed the proposed methodology of notifying the owners that their funds are being taken/stolen/confiscated/seized/appropriated/held?
How will they gazette the list, as proposed, without breaking the confidentiality realtionships law?
I say that they have not thought this matter through or if they have, then their thinking is, at best, incomplete or, at worst, totally lost.
Are you saying that the government will allow the client or account holder 6 years to be contacted?
Apparently this information is not clear in this press release.
give us some clarity.
So its going to be handled similarly to probating the estate of a deeased.
Attempts to contact the beneficiaries will be made by way of advertising etc. etc. OK then that’s reasonable.
But no robbing the cradle. !
the accounts should be at least 25 to 50 years old. Even 30 – 50 is more comprehensive.
It seems to say 6 years ‘after’ the accounts are dormant..so in effect these accounts could easily have been inactive for as much as 16 or 21 years or more. I agree with tim that it is unlikely to raise much cash at all. and this is something that occurs pretty much everywhere else in the world. banks have been classifying accounts as ‘dormant’ for more than a century and the funds just sit there. I think some of them would like to move these amounts off their balance sheets (at least those which have been there for 20 years or so).
OK!!!! This is the most ridiculous thing I have heard! He can’t do that! It’s theft!!!
Perhaps….if the money has been lying dormant for that amount of time….you would perhaps want to know why? There’s always a reason when people bring large amounts of money down here. Avoiding the tax man would be #1.
Just because it’s money has been sitting in ones bank account, does not give you the right to withdraw it because it’s not getting used.
Why doesn’t Mac just say which account he is specifically after? Clearly this is about something that he knows and thinks he can get his hands on.
Mac sees some cash lying around (on someone else’s patch) and instinctively wants to put it in his pocket and be on his way. So, no change there.
More importantly this is a small but nevertheless significant nail in the coffin of the CI banking industry. Once that begins to wobble, what of the status of the CI dollar, so famously pegged to the US dollar?
Other factors are of course far more significant, mainly Cayman’s debt and government which is rapidly taking the country to Hell in a hand basket, but this legislation does not help and will incur the distate of the banking world at large.
I for one would not be holding any funds in the currency of this "2 by 4 " li’l place and residents in particular should think long and hard about keeping any significant savings in CI $ accounts. A devaluation by government, or a write-down by the rest of the world, must surely be on the cards sooner or later. Stick to stronger currencies.
This bill should be re-examined expeditiously and revised with great caution, as it could possibly cause the downfall of Cayman’s vital financial industry.
Regardless ofwhat other countries have done, we need to study the pros and cons that could affect us and possibly wipe out our Banking industry.
The cost of implementation and the conflicts that may arise are likely to outweigh the gain. Is it really worth the problems, risks and complications that it will create?
In my opinion 25 years may be a realistic time but 6 years is likely to be disastrous.
I therefore beg the powers that be to suspend, amend or repeal the bill, and take every precaution to avoid consequences that could be catastrophic and irreversible..
I completely agree with Mr Tibbetts but I do wonder if this is the thin edge of the wedge. Could the next thing be the seizing of any other assets that have laid dormant for years such as stocks and shares owned by clients and deposited in local banks and trust companies.What about assets held in safety deposit boxes where the bank has not heard from the owner for six years. Maybe these boxes even hold cash, gold bullion, other precious metals or jewellry. Is it fair that a person who holds his cash in a bank account looses all yet a person holding other assets does not.
I believe the estimated amount is $10m. It is just not worth enacting this law for the sake of such a small amount. The Government needs to go back to the drawing board on this and several other things whilst they are at it.
Which NINCOMPOOP came up with this one!!! 6yrs!! R U NUTS?? Do you have any idea what a FLOODGATE OUT of the Cayman financial services sector this will open? In Switzerland, a country that is unequivocally the global stalwart of private banking, the information on Holocaust and other dormant was only released after 50yrs!! MAC and his ‘advisors’ haven’t got a clue! Instead of curbing his spending, he trying to grab private property so that he can continue his current rate of spending on first class travel and private chefs. <see: http://www.swconsult.ch/chbanks/faq.htm>
THE QUESTION WAS NOT ANSWERED
THIS WAS A FAIR AND GOOD QUESTION ???
THE ANSWER IS OBVIOUSLY "NO" HE DID NOT CONSULT THE FINANCIAL INDUSTRY.
" Alden McLaughlin asked if the financial sector had been consulted on the legislation. Given that the opposition only saw the bill for the first time yesterday, they had not been able to seek opinion from their contacts in the industry to ensure that it would not cause them any problems or raise any alarm over the power government now had."
"Bush dismissed the opposition’s concerns and said they were doing what they always did, which was to try to stop government getting on with what needed to be done. The premier denied the fact that the opposition had only received the bill on short notice and said they had had plenty of time to read the new law."
A DICTATOR AT WORK BEFORE OUR OWN EYES
Wake up CAYMAN BANKING !!!
Where is the banking industry in all of this, and why have they not stood up to this man, and do the "ethical" and "right thing". which is to protect the interests of their customers and not allow the outright stealing of other peoples assets.
This is "really great" for our reputation as a world financial centre, does this man have half a brain, because this is what the Swiss did, stealing the money in peoples accounts, especially the Jews after the second world war rather than trying to trace the families or rightful heirs to the assets deposted in their banks..
Our DICTATOR is at work and you all standby and let him get away with this just like Zimbabwe has allowed Mugabe to wreck his havoc on their country.
NEXT on the agenda will be the seizure of all dormant land.
Where is the banking industry in all of this,
Quietly packing up and making arrangements to go elsewhere.
Where is the famous travers and Cayman Finance? Is the latter not toothless?
I hope they don’t plan to dip into pensions which are only available after two years of leaving Cayman.
Speak to a financial planner as there are methods to move your funds from Pension in the Cayman Islands to another jurisdiction’s similar vehicle (401K, IRA) without having to wait two years.
Long term savings should never be in a regular savings or current account. These should at least be in a fixed/term deposit where a bit more interest can be earned. These should never become dormant due to the periodic rollover transactions.
I suspect that this law is a breach of the right to property under the ECHR. So Mac will end up paying all the money back plus interest one day.
If only that were so, it will be the Cayman public paying it back aftere he’s spent it.
They could take his Christmas lights.
This just seems like a bad idea that undermines the principles our financial industry is based on – confidentiality, privacy, safety of assets from seizure.
It is odd that a government that pays lip service to supporting the financial industry would make this kind of move – especially at a time when we are seeing a drain in the industry – if not in funds on deposit here, then most certainly of companies domiciled here.
But then – didn’t anyone see that to have ONE MAN as Premier, as well as overseeing the country’s two main industries might just be a little too much consolidation of power?
XXXXX
We’d all better brush up on our turtling and rope making skills – because if we continue on this route we will once again be the islands that time forgot.
And yet ANOTHER way to try to get someone else to pay for the Governments over bloated paychecks that gives no benifit to those who pay. Government of the day has proven time and time again that they do not have the ability to be responsible for their own finainces and yet they are still in charge of the countrys. What is now happening to Cayman is the same thing that has already happened to many island countries. In the end Total finacial ruin. Soon come.
This is what i call thief, i am now going to several banks that i have domain accounts and take out my few pennies i have in them and i will start saving my money at home in my till, where noone can assess my account without my approval.
This little island is getting crazy, i’m sick and tired of big mac rules, now!!! i soon will not have any money to support myself and my family because of all this shit big mac going on with.
i might as well say good bye to this little island because this island is in routine to hell bound. Hello satan here we come.
Um, Satan here we come? May be a tad rash there Crazygirl?
Is he coming? I have sacrificed so many goats, maybe it is working at last.
UM, Satan here we come!!!!
it was just a figure of speech, and to be honest i agree with crazygirl, because cayman is getting closer to hell than before. So i would be saying too Hello Satan guess who is back? BIG MAC is back and will be causing a lot of problem for The Cayman Islands People.
People wake up, march, protest do something to stop some of the increases that big mac is going to be adding on just to get more money.
Can’t even take your money home because the crime is through the roof and robbers walk the streets like nobody’s business!!!!
Beloved Isle Cayman.
Further to my posting re the proposal to gazette and publicize the names of deposit holders that would lead to the breaking of the confidentiality law that has made Cayman’s finance sector what it is, (successful or not) I am baffled by the entire matter regarding any benefits that the elected officials might see accruing to the Govt. of the Cayman Islands. Here is how I see this proposal of our brilliantly-minded elected (and appointed?) officials.
These geniouses would be appointing the Govt. of the Cayman Islands as trustees of millions, or over time possibly billions, of dollars of deposits THAT IT CANNOT USE WITHOUT CREATING AN OFFSETTING CONTINGENT LIABILITY OF AT LEAST THE SAME AMOUNT OR MORE. Mr. Ridley is right about the mnimal benefit of this move BUT THIS ASSUMES THAT THE GOVT. CAN UTILIZE ANY OF THE FUNDS.
Let me explain to you the difference between the Banks appropriating these funds to profits than a country TRYING to do the same.
When the deposit holder opened their accounts, IN THE FINE PRINT OF THE ACCOUNT OPENING FORMS, it would say that if the account remained dormant for a set time, then the account would be closed and no interest is paid/earned. (It would not say that the principal sum is lost). The reason the Bank can close the account is because the account opening form is a contract/agreement that gives them the right to do this. BUT EVEN THE BANK KNOWS THAT IF THE ACCOUNT HOLDER CAN SHOW THAT IT IS THEIR MONEY THE BANK MUST RETURN IT. In the meantime, the Bank has had, by mandate, stopped paying interest and had use of the funds for investment AT NO COST TO THEM. So they can gladly return the funds WHICH ARE NOT THEIRS TO BEGIN WITH AND THAT THEY OTHERWISE MIGHT BE PAYING INTEREST ON.
However, the difference between a Bank and a Country doing this, OR EVEN TRYING TO DO THIS, is as follows.
1. If the Bank goes bankrupt, the claim of a depositor would die with that Bank . (or if a new entity assumed it’s operations, then it may accrue to the new entity).
2. If the Govt. takes the money, then the liability rests with the COUNTRY (if it is to maintain any credibility) indefinitely.
Therefore, the GOVT. will always have this contingent liability on its books. Now before anyone says that is okay or better than a direct liability let me explain why that is not good. Whilst the bank may have a right and the benefit of the individual wanting confidentiality, once the Govt. is trustee and the benefit of confidentiality is negated the deposit holders or heirs would expect due compensation FOR THE USE OF THE FUNDS. So the liability would increase to Govt. and it cannot use the funds and/or if it loses any part of the funds through no fault of itself, IT WOULD STILL HAVE TO REPAY THE FULL AMOUNT PLUS whatever a just court might award.
Now let me explain why contingent liabilities are badand give an example. UNFUNDED PENSIONS ; need I say more. The problem with contingent liabilities is that this liability is used by Govts. in particular to justify MORE debt and that enevitably Govts. fail to make ANY or much less than proper provision for them.
I will end here for the time being but I could go on and on… on the stupidity of this move. Follow for further posting on a much more sensible solution to this situation. (Within the day)
Right on!
Let’s throw in a Zimbabwe style land grab into the deal too!
Oh my gosh. This is just too scary.
I have overseas relatives that have been ill for almost ten years and I am 100% certain they have not touched their accounts in over five years, but have always thought it was SAFE. I actually know that one of these elderly uncles was moved to a nursing home and there would be no updated contact details. How will these people even KNOW to look for a published list?
I think the banks need to stand up against this! Maybe an account that is dormant for 10 years or more, but SIX? That sounds like a money grab to me.
This is awful to the extreme. Shame on anyone in finance who allows this to happen.
I am sad to say we ever had a financial industry here, because there it goes…no one in their right mind will ever invest here again.
Thanks Big Mac, you are determined to ruin us.
What about the dormant accounts of the Vetrans and Seaman that stay at the Banks after their passing, and no other signatories are on the accounts – These should be investigated as the banks never advise of these accounts.
Sounds like a good idea if you live in Cuba
What a dumb idea, i cannot believe cabinet members would come up with an idea like this…….lol
this is direct theft, what a bunch of losers!!!!!!!!!!!!!!!!!!
Like someone posted the royal opposition got their MBE’s and OBE’s they are now part of the Clique no more regard for the constituents they are now above us all and immune from prosecution also. What a really sad state we find our little island in, not so much as a peep from the Governing power wow !!!!! and What will "Desperate Dan" do next?????
Mckeeva leave the @@##4%%**#$$ people’s money alone!!!
Millions more for the government to WASTE!
To all who hold their life savings in the Banks take heed. Starting monday morning start taking your money out and put it under your pillow,
The Banks dont pay any interest for having it and now the government and the opposition is going to confiscate it,
Just when I think that McKeewa cannot possibly surprise me I find myself gasping and shaking my head like I am now. There is no doubt that he will take this money. It sounds as though the total amount is spread out over numerous accounts, but this money has surely not been abandoned. It may be someone’s trust fund or it maybe just that someone has it on account gaininginterest. There are people to whom this amount of money would be insignificant. No matter the money belongs to someone.
I believe that the reason the premier wants this money is that the $155 million that he borrowed, in addition to all the other revenue, is not nearly enough to finance the craziness that he has planned for the bank account that belongs to the people of the Cayman Islands. That is especially since the first thing that he did after securing the loan was to give $30 million of it to two organizations that will expect to get more when they spend it simply because that has always been the case.
It is almost as though McKeewa is playing a game and the people of this country are just pawns (or board pieces) and are of no consequence to him. I do give credit to the opposition because they objected at the speed with which he presented this new proposed law, but lets face it; they will be out voted when the time comes. In my opinion the premier XXXXX should be immediately removed from office. It is apparent that the vast majority of the people, while against him and his actions, are affraid to speak up against him for fear of social retribution in such a small country. I surmise this as this is my situation. This must also be the case with the other members of the house. While some of them do often speak it is unfortunately too little too late and it is obvious that they to are afraid of not being re-elected. There have to be a few among them that have sense, but the greed is seemingly just too powerful.
I just cannot fathom that the future of the Cayman Islands has been placed in the hands of an egomaniac and there is nothing that can be done about it. I have no confidence in the premier nor for any of the other members of the legislature for that matter. The blame game is so prevalent that it has become standard operating procedure and when it is not a member of the opposite party it is a law that was slipped into being while we the people were sleeping or blinked.
The new constitution is also taking some blame lately and I feel that this is rightly so. I did not vote for the constitution because I did not agree with the way that it was being rushed into law. Whether this was a ploy by the former party to show that they had done enough to get re-elected I dont know, but I took issue with the lack of interest in equal human rights for all and the simple fact I felt that the people in charge of composing the articles of the document were not qualified to do so. There were too many people using religion and personal beliefs to set the guidelines for which the rest of the country should function by for a very long time.
I have no idea how to contribute to the movement that is so desperatly needed to resuscitate this country, but I hope that somehow a solution is found soon enough to prevent the economic death of such a wonderful little bit of paradise on earth.
Further to my earlier post on the UDP/GOVT"S. proposal to break the Confidentiality Law; this proves the danger in not having separation of responsibilities between the Premier’s position and the Minister of Finance OR AT LEAST IT PROVES THE DANGER IN HAVING AN INCOMPETENT PREMIER AND AND/OR AN INCOMPETENT POLICTICAN AS THE MINISTER OF FINANCE.
And where are the official members on this matter; for example THE HON. A.G.???
I’ve never known the AG to take a stand on anything. Can anyone relate a time when the AG ruled on a matter or even offered an opinion, legal or otherwise?
ok, so what’s going to happen when 7 years has passed and that once imprisoned drug lord decides it’s time to fly over to the Caymans and make a withdrawl. And worse yet the CI govt can’t repay it.
Stupid idea.
Whether or not you agree with this law, Bush is right that the opposition had plenty of time to review the proposed legislation.
I received an e-mail from the government via CIBA months ago asking for comments on the proposed legislation. So it has been public for at least two months.
I am sure Ezzard must have tried to say how this would be particularly difficult for the special, special denizens of the North Side.
You see the North Side is far far away and life is very different there.
I hope If a person Places some money in a bank for 10 years for your senior years and took no money in or out any your money will still be there . I hope they notify you before they touch it. You see there is no reason to pull out or put in money into this account. My experience with some Government Departments is that their notices to you is not timely. An example here is the bi-annual collection of garbage fee. Government waits until its late then they send out a letter sayng that "despite correspondence to you your bill remain outstanding". They then warn you that you may be sued in the court or you will have pay collection expenses, when they themselves are to blame for not sending out the bill.Lets hope it operates fairly to depositors large or small
"Public" as in everybody who has an account on Cayman knew about this? Butterfield considers my online account to be inactive if I don’t use it for either 60 or 90 days. Never have dipped into my savings account. Can’t get checks or information about my account by phone or e-mail- was asked "if there is somebody in the building who might recognize my voice." Yes- I am damn serious here!!! Butterfield- you can address this issue here! Write me!
Simply going to a Banking Centre and presenting your ID should be sufficient to reactivate your online access & accounts. To the best of my knowledge your online access does not go dormant, only the accounts, and you can still see a dormant account online.
Incidentally, how would you like it if I called your Bank, gave your name and the Bank gave me your details without some real confirmation? Looks like they are trying to protect you from yourself. If you no longer live in Cayman then I would suggest that you visit to check on your finances and maybe spend some.
Sort of involves getting onto a plane and yes, I plan to spend it all except for one dollar. Mac doesn’t seem to need a reason to seize money.
I think that what the previous posted was getting at by Butterfield’s method of secrity being "is there any in the office that would recognise your voice" was that it is completly stupid. In the UK if you called up your back, you would have to go through a number of security questions before they would let you know any information. I actually have to say that one time I called up and told them how stupid this security method of theirs was and the girl on the other end of the phone said "oh I think I know you – you’ve got brown hair don’t you?" I told that that I did not, that was my sister and she gave me the information anyway – great security that is.
The fact is, Cayman is supposed to be one of the biggest banking industries in the world, however it is completely backwards with its banking approaches.
One more reason to take my money elsewhere!
Too right – this sends a bad message. Short term desperation long term disaster.
Oh ye People of little faith.
My life savings in the credit union which i havent touched since june 30th are safe right?
It will be interesting to see what this Law actually produces in hard dollars. The assets of struck off companies (likely to be far larger holders of assets) are already forfeited to the Cayman Islands Government under the Companies Law (but as far as I am aware the total amounts forfeited each year have never been published). I suspect that the unclaimed/dormant accounts held by individuals are unlikely to be much of a goldmine. Afterall, alchemy was discredited a long time ago.
It would seem to me that a Government in control would have an accountable statement of this issue. IMHO The Cayman Islands have grown beyond the political leadership and governing structure in place. It seems and I would ask all other voters and readers to decide for themselves, but it seems that governing today is knee jerk reactions to whatever happens today instead of a solid foundation of direction and goals.
I disagree, a lot of the old money laundering and other illicit funds that found its way to Cayman banks years ago before the new AML laws, is still sitting there.
The owners may have passed and now nobody even knows the money is there.
I worked at a bank and saw a handful of inactive accounts where this type thing was suspected. I actually thought the estimate of $10 million was low.
In that case, if we are nice and decent people, surely every effort should be made to identify the initial investors who were ripped off in the first place and return such money to them before appropriating it for government use.
I’m sure the assets of Companies are supposed to be forfeited to government each year, but does it actually happen at all? Cue FOI request..
"A government official estimated that among the numerous accounts that have lain dormant for many years there is around US$10 million in unclaimed cash, which government can now take steps to begin to recover."
Would this be the same government official who stated that there was a surplus in the budget just weeks before theelection of 2009 and then shortly after reversed his statment and stated that there was a defecit some weeks after the elections??
Yeah, more fancy math from Ken Jefferson and his magical calculator.
I hope a new calculator was in the budget for him.
10 million dollars I beg to differ,
If its old money hanging around from the 70’s and 80’s Big Mac is notgiving you the true figure. Its got to be Billions if not trillions!
What you people don’t seem to relaize or remember and that is this.:
‘EVERYBODY IN THE WORLD WITH MONEY HAS HAD THEIR MONEY IN OUR CARE BECAUSE WE LEAD THE FINANCIAL INDUSTRY.
THE WALL STREET THIEVES,
HOLLYWOOD STARS
HEADS OF STATE WORLD WIDE EVEN SEDAN HOSANE YACHT WAS HERE !
How can Big Mac tell a big Fib like that $10 million? Big Mac tell the truth, its more like 10 billion or 10 trillion. Big Mac is putting it mildly so as not to shock you if you knew the true amount of unclaimed funds lying around here in dormant accounts. So he toned it down by tossing $10 million XXX
Mr. Premier (and all you elected officials) . YOU TOTALLY INCOMPETENT —————- (insert whatever noun you desire that would go with INCOMPETENT).
Don’t you realize that what you are intending to do WOULD EFFECTIVELY BE BREAKING THE CONFIDENTIALITY LAWS OF THE CAYMAN ISLANDS? The absolutely absurdity of this proposal shows how thoughtless and incompetent you all are.
In order to notify the account holders in the gazette as he/they propose, they will be listing the names of persons who have placed funds in the Cayman Islands for the very purpose of CONFIDENTIALITY. Does the Premier understand the implications to these dormant account holders and their heirs of a posting of their names in a gazette?
See Mac; you should have remained in banking longer XXXX.
And the rest of you ——— (insert appropriate description) who let him get away with this; especially you Julianna, Rolston,Kurt and Alden-and perhaps even Arden all who certainly should know better ( Mike, Elio, Mark, Dwayne, Mose, Ezzard, Cline, & Capt Eugene-I fear I don’t expect very much from you guys anymore), you all have failed us as just as badly as this incompetent Premier.
I hope we do not lose ALL or our financial sector business while this incompetent Premier,left alone by equally incompetent representatives remains in power. Hopefully, some elected official will get this posting and present this to someone? to try to stop this before it is implemented.
The only positive thing about this is that it once again exposes the incompetence of our elected officials. As an old Caymanian saying goes; " The higher up the tree the monkey (no slur intended) goes, the more his butt is exposed".
Now isn’t this a better way to get the $10 million that the wipe out the poor man completely?
No, It’s theft.
Very pirate-like behavior from the man that wanted to do away with Pirate’s Week. Nothing McKeeva Bush does is a surprise. His character has not changed one iota in the last decade. Which is disappointing for someone who has supposedly undergone a religious experience and a "re-birth".
Ah boy more money for the luxury trips, 20 foot walls, security guards and personal chefs.
6 years?!?!?! That is no time. This is theft. Wow, unbelievable. Perhaps 15 to 25 years – but 6 years?!
I have bank accounts I have not touched in 6 years. They are called SAVINGS accounts. And if all of my contact details have changed and I have not got around to updating the bank – I would still expect my money to be sitting in that account when I go back to access it 10 years later.
The value of a bank account in the Cayman Islands is about to plunge. Like the rest of the economy of this country continues to make such foolish moves.
Yes, and let’s wait and see how long it is before six years becomes six minutes and everything you’ve earned winds up in somebody’s pocket.
Give me a break, how many bank accounts can aperson have that they haven’t touched in 6 years.
If you are that worried, then pull out $10 and you are safe until 2016.
Not everyone leads the life you do.
This is a very bad idea.
If my child has a college savings account that was the gift of a grandparent who has now passed on, and the only activity in the account until the child goes to university is a bit of interest going in every few months. Now McKeeva is now going to seize my child’s money so he can pay for more Christmas lights for his house. Da Na Right.
I can just see what is coming as well. First, Mac and Friends, seize accounts that have been dormant for six years. Then in a littlewhile there will be a decision that the Premier needs a private jet because the Protocol Office has discovered that the President of the United States has Air Force One, and so the six years will become 2 years and they grab more money from people’s accounts. Next there will a new opulent resort in some far off place that has to be "inspected" by you know who plus cronies for a couple of weeks and the time limit will drop to six months. Then they will declare a raise for themselves and simply take all the money that anybody is trying to save in our banks.
You seem to have a fairly good grasp of how things are now working around here. Congratulations.
Whoooaaa … hold on now!
Lemme call my bank and double check my tings’ irreckly!
(Yep – that good ol’ international drug and corruption dormant money will finally be put to some good use. God bless the Cayman Islands … as usual!)
Now he is going to take a page from the Nigerians book.
My life savings has been dormant for more than 6 years,
I dont need to touch it yet so the Premier is going to confiscate it and the opposition is giving their support.
How soon can we have the next election.
This is silly. If you are worried, then add a penny once a year and then you are safe for life.
It will take you like 5 minutes and save your life savings from theft.
But that would result in a 25 cents transaction fee for the government.
Oh I forgot, that was the PPMs idea.
That is the most ignorant one I have read so far.
But wait, I’m not finished scanning these posts. I think there might be more
Robbing account holders after only 6 years is illconceived when injustice becomes the law resistance becomes our duty we get closer to this inevitible outcome and situation each day. Careful Cayman we are tinkering with a very important and fundamental principal in our banking industry in fact it can be said to be a part of the foundation of banking in the Cayman Islands confidence and trust. This can be miscontrued differently by account holders and we should not rely solely on the judgement of greedy politicians and their pets or advisors. This is not new but desperate times spawns desperate measures it would appear.
What if these accounts are money deliberately held here by people who formerly lived and/or worked here? I was thinking of doing the same thing when I get rolled over – a nice little tax free nest egg to go towards my retirement as opposed to having the same amount taxed in my bank account back home.
Oh well, so much for that idea, I guess I’ll take my money with me when I leave now.
I continue to be mystified however, as to why the government can’t effect the necessary cuts and savings within their own ranks, rather than looking to make up the deficit by raising fees on businesses, and duties to the already suffering public and now taking money that could potentially be legitimately be held and dormant on a persons bank account.
I consider this theft – I could be wrong but this is how it translates to me.
Funny that you don’t consider tax evasion theft, which is what you just admitted to.
You said that you planned to leave the money in the account "tax free" when you live in your own country, how much do you want to bet that is considered tax evasion?
Never heard of a country that taxed interest on bank accounts held in the country but allowed its residents to leave money in foreign banks tax free. Nobody would use the domestic banks!!!!!
So next time, think before you type so you don’t sound like such a hypocrite.
You’ve obviously not read (or can’t read) the screed about what is different between tax evasion and tax avoidance. Once is legal. One is not. Down here, according to the powers that be, we provide services which help corporations and individuals practice tax avoidance (that is, legally reducing the tax burden). XXXXX
Funny that you have already pre-judged me and jumped to the wrong conclusion.
Sorry to tell you -wrong! I have less than CI$150 savings back home and none at all here, although I do hope to do so in the future. I earn CI$40,000 a year. Legitimately keeping savings in a bank account here, just as I would back home is not illegal. The fact that your savings are not taxed by law here as they are back home for me, does not make me a tax dodger. It’s tax avoidance and its completely legal. I am fully up to date and continue to file my annual tax documentation in my home country and I declare everything… which is not much at all! There’s a huge difference between what you just accused me of, and what I was actually discussing in my post.
I don’t like the ‘bloodsuckers’ on this island any more than you do but we aren’t all in that category, but I respectfully suggest that this Bill is ill-conceived, if it doesn’t take into account money legitimately held in bank accounts over a period of time. So if I get rolled over, and manage to save a couple of thousand CI$ in my bank account here, decide to leave it for retirement as I don’t have any fancy pension arrangements and am actually looking forward to being quite poor in my old age, I think if the government takes it that’s theft. That’s how it equates to me.
I am a completely law-abiding visitor to this country, which I happen to have come to love and respect deeply. The only thing I’d want to change here would be to take it back just 3 or 4 years to just before all the violence started… before Estella, Jeremiah, and many others who have lost their lives, and whose families and friends continue to suffer. I have seen too much sadness over the last couple of years. I have complete respect for all that I come across in my travels. All I ask is for the same in return.
Anonymous at 19:31
Be careful of your swift pen and its attack.
I read the same post that you aer replying to and didn’t get the same thing out of it that you did.
Quit being so defensive.
You might want to simmer down some
Though rare, some dormant accounts may belong to people who are legitimately indisposed…sailing around the world, working in remote places, or imprisoned. There might also be a family or estate dispute which can muddle ownership, and take time to resolve and give the appearance that the account is dormant. Corporate assets for foreign operating companies that may have lapsed (and are struck from home registry) may already belong to a foreign jurisdiction by law. Institutions would be somewhat conflicted since there is no way for government to supervise this exercise, and in volunteering client assets for confiscation, those firms would forfeit their own fees and open themselves to potential customer liability should the rightful owner(s) later materialize.
Finally, our Premier is beginning to make some sense. Go Mr. Premier Go!!!!
If you consider confiscating poor peoples life savings making sense then you make me wonder if you are one of the Bank Robbers still on the loose.
I find your comments disgusting.
Look yah now, more money for Christmas lights, housekeeper, house security, security guards, chaffeur and much more!
OMG !!! What’s next ??? You coming for peoples land next?
Are you trying to ruin the Banking industry and run everyone with money from these islands? Let me guess your replacing them with Jamaicans…
I wonder if they will try to contact any living relatives BEFORE making off with the goods. After all, there are lots of instances where family members pass away and their accounts are unknown to their children/siblings, etc.