Cayman Islands Chamber of Commerce President, Morgan DaCosta, has warned that the findings of a fraud, embezzlement, asset misappropriation, and corruption-levels report on Cayman “will surprise many people” because of the insight the report provides into “the magnitude of financial fraud committed among Cayman residents.”

The 40-page report is called an Economic Crime Survey and, according to Mr Morgan, is the first of its kind for the Cayman Islands.

The Chamber will go public with the report this month and reveal the estimated costs associated with financial crime here.

“What is compelling is the estimated cost that businesses spent to prevent and combat the problem,” said Mr DaCostsa, previewing another aspect of the report at a special Chamber of Commerce lunch last week at the Wharf Restaurant focusing on crime.

Police Commissioner Stuart Kernohan, was the guest speaker at the lunch and he addressed the business executives present on the possibility of closed circuit television surveillance cameras for Cayman.

In his presentation Mr DaCosta spoke about the Chamber’s Put Drugs Out of Business programme; Fraud Prevention Seminars; Cayman Crime Stoppers; donation of Counterfeit Currency Detection Devices and workshops; property marking pens; assisting with the Rotary Club’s Gun Buyback programme; providing funding for off-duty traffic officers at busy intersections; and other initiatives, as signs of the Chamber’s ongoing commitment to “assist the Commissioner and the Royal Cayman Islands Police Service (RCIPS)” with fighting crime.

In welcoming the Commissioner, Mr DaCosta spoke about the Chamber’s public rally on the steps of the courthouse in September 2005, “in the wake of some serious incidents involving drug-related gang activity with the use of illegal firearms.”

He said that the Chamber had spearheaded an effort to get different groups – a coalition – to declare a zero tolerance on all forms of crime.

He also made reference to that coalition’s proposals such as the introduction of a visa system for all nationals from countries considered high risk; the expansion of the neighbourhood watch programme to all districts; the establishment of a permanent police station on Seven Mile Beach; the introduction of new legislation to address the gang problem; a revision of penalties for all firearm offences; and, the introduction of closed circuit television surveillance cameras in busy public areas.

He said that since the suggestions were made the Government has acted on, or has agreed to introduce several of the coalition’s proposals.