Dormant accounts accounting needed

As I looked at the dormant accounts that were listed in the Caymanian Compass newspaper, it came to me that a lot of money from these accounts has been turned over to the government, but to date I have not heard from any member of government about just how much money has been collected from the different banks.

A friend and I were talking about this and he said to me, ‘you know, some of these accounts have millions of dollars in them, but our government has never told us anything about these funds’.

As I read the statement that was very clear after a period of time. If these funds are not claimed or, for example, if the owners for these accounts listed as dormant does not do anything to show a transaction with them, that the bank will turn them over to the Cayman Islands Government.

In the case where there is no claim, all of the fund that are turned over to the government will be lost to the depositor forever and no recovery of these funds can be made against government.

The government needs to let us, the people, know just how much money they have collected and how these funds are being used and how many dormant accounts have been turned over to them to date.

This seems to be one very big hidden secret.

While I am talking about money, maybe if we can collect 10 per cent on the interest of all the hundreds of millions that the people have lodged in the banks, this would help out with our future budgets.

After all, you cannot balance the budget on the back of the already poor.

The millions that collect all this high interest can surely help out. This is only my view. Anyway I would like for Mr. McKeeva Bush to let us all know more about the dormant account money and government collections.

Emile S. Levy

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