The Finance Committee has approved CI$44.95 million in additional government spending to go towards combating illicit finance, financial assistance, medical care and more.
During its 8 October meeting, members approved $43,345,598 in operating expenditure and a $1.6m equity investment in the Cayman Turtle Conservation and Education Centre Ltd.
The approved expenditure will be included in the government’s 2026 Supplementary Appropriation Bill, which must be presented to parliament by 31 March 2027.
Financial crime assessment preparations
A $1.2m allocation will support preparations for the fifth-round assessment against Financial Action Task Force (FATF) standards, to be conducted by the Caribbean Financial Action Task Force in 2027.
Premier André Ebanks told the committee that the National Risk Assessment had identified areas requiring attention, including fraud, international cooperation on asset recovery and the recovery of criminal proceeds.
The allocation forms part of a revised 2026 appropriation of $9.67m for the combating illicit finance scheme.
Ebanks corrected the schedule during the meeting to account for $5m in supplementary appropriations approved in June.
He said the coordinating office reviews funding requests from agencies involved in the assessment preparations and monitors whether proposed expenditure is directly related to FATF requirements rather than routine operating costs.
“This is only focused on what is needed for FATF anti-money laundering, countering terrorist financing,” he said.
The assessment will examine Cayman’s framework for combating money laundering and terrorist financing, areas relevant to the jurisdiction’s financial services regulatory environment.
Financial assistance and medical care
The committee approved $9.5m in additional funding for temporary and long-term financial assistance to cover projected payments for the year.
Members were told that demand was being affected by the cost of living, including housing, food and utilities, as well as an ageing population and an increase in the number of people receiving long-term assistance.
A review of eligibility thresholds had been completed, with a report expected to be shared with parliament. No final change to the thresholds was confirmed during the meeting.
Healthcare allocations totalled $27.1m.
They included $17.5m for tertiary medical care at local and overseas institutions, $6m for geriatric services, $2.7m for chronic ailments and $900,000 for medical care beyond insurance coverage and for uninsured people.
Projected tertiary medical care spending for 2026 was about $60.5m, compared with an approved budget of $43m.
Health minister Katherine Ebanks-Wilks said the timing and volume of treatment needs could be difficult to predict.
“These services are inherently episodic in nature, and they’re delivered based on specific, often urgent, episodes of critical healthcare needs,” she said.
The government also expects to begin the HEARTS preventive health programme in November.
The initiative is intended to improve care for people with high blood pressure, although the minister said any impact on spending will take time to emerge.
Support for seafarers and community
The committee approved $13.32m for financial assistance and ex-gratia payments to seafarers and veterans.
This comprises $9.5m for financial assistance and $3.825m for seafarers’ and veterans’ benefits.
Members discussed whether the benefits should better reflect the cost of living, but the approval did not establish any increase in payment rates.
A further $425,000 was approved for Celebrate Cayman activities, including Heritage Month, Pirates Week and activities in the United Kingdom.
The committee also approved $644,360 for youth, sports, culture and heritage programmes.
Proposals included bringing the Fair Weather vessel home to encourage young Caymanians’ interest in shipbuilding, as well as support for the national athletes programme and sailing through the grant programme.
Cayman Turtle Centre
The Cayman Turtle Conservation and Education Centre Ltd was approved for $1.6m to cover forecast operating costs for 2026, including personnel, electricity, insurance, repairs and maintenance.
Members raised questions about security enhancements and training following a fatal incident outside the facility.
However, the committee did not confirm that specific security upgrades were included in the allocation.
The committee approved a further $651,238 to settle claims involving the government and a former civil servant.
The minister said payment was required under a court order, while further details were withheld because disclosure could identify the individual involved.
