Philanthropy

Cayman Charities Bill, 2014 submitted for public consultation


By added on 13/05/2014

The Portfolio of Legal Affairs submits for public consultation the Charities Bill, 2014. The issue of the regulation of charities has been longstanding and there remains an urgent need to ensure that a proper legislative framework is in place which governs charitable activities and complies with the international obligations of the Cayman Islands, reports Cayman iNews.

By way of background, in 2010, the then Cabinet had before it for consideration the Final Report of the Law Reform Commission entitled “the Review of the Law Regulating Charitable Organisations in the Cayman Islands”. Included in this Report was a draft Charities Bill, 2010.

The Bill provided for the introduction of legislative provisions relating to the establishment of a charities register into which the names of all charitable organisations would be entered. The intention of the registration process was to, among other things, facilitate accountability for funds and donations received by charitable organisations from the public or Government.

As part of the process in formulating the necessary legislation to deal with the regulation of charities, the Law Reform Commission took into account the Financial Action Task Force (FATF) recommendations which require the establishment and implementation of a comprehensive legislative framework to combat money laundering and terrorist financing activities.