Economic crime survey launched

The Chamber of Commerce, is association with the Royal Cayman Islands Police, RSM Cayman Islands and the Cayman Islands Compliance Association, will conduct a survey to determine the impact of economic crime in the Cayman Islands.

The Economic Crime Survey 2005-2006 will seek to identify the types of economic crimes affecting Cayman companied and to quantify business losses due to those crimes.

RSM will conduct the survey. The firm’s partner Ken Krys said there was more economic crime in the Cayman Islands than people were aware.

‘There’s a lot of crime on this island that isn’t reported to authorities, whether it’s because companies are embarrassed or because they just don’t feel it will be properly researched or addressed,’ he said.

The Chamber of Commerce noted the term economic crime most commonly describes crimes such as theft, bribery, cheque and credit card fraud, identity theft, cyber crime, insurance fraud, money laundering, procurement fraud and counterfeiting.

‘To date, no effort has been made to quantify losses to local businesses arising from crime,’ the Chamber said in a press release last week.

The Chamber noted that crime can affect the local economy through direct losses incurred by local businesses and through indirect losses when visitors and businesses decide to spend their dollars elsewhere.

‘While the ultimate impact [of] business persons and visitors spending elsewhere may be difficult to determine, it is possible to determine the impact that economic crime has on the Cayman Islands,’ the Chamber stated.

Mr. Krys said the 56-question survey examines several aspects of economic crime.

‘It not only looks at whether [economic crime] has happened to you and whether you have the proper controls to prevent it, but it also asks questions like; Did you report it?; Who did you report it to?, and; Were you happy with the outcome?’ he said.

The survey also asks respondents what more could be done in the future to help fight economic crime.

In addition, the results of the survey will be shared with the RCIP and ministries of Cayman Islands Government.

‘What we’re hoping will come of this is to learn what can be done to more effectively prosecute crimes in this jurisdiction,’ Mr. Krys said.

The survey will be sent out to all Chamber of Commerce members, plus to the members of the Cayman Islands Compliance Association,’ Mr. Krys said.

‘We like to see between 100 to 200 respond to make this a useful survey.’

Comments made on the survey will not be attributable to individual respondents, and the identity of all respondents will be kept confidential.

The deadline for completing the survey is 27 January. All businesses operating in Cayman are encouraged to complete the survey, the Chamber stated.

All participants who identify themselves will receive a complimentary copy of the full report of results of the survey when it is competed, which is anticipated to be March.

Survey participants can also request a copy of a Personal Profile Report, which will enable them to compare their assessment with those of similarly sized businesses.

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