Financial Services
Offshore bills raising fees open for last public input
(CNS): A dozen amendment bills to implement the UPM government’s additional revenue-raising measures from the offshore sector and a bill to implement Phase 2 of the regulatory framework for virtual asset services in the Cayman Islands have now been published in the Gazette. These bills are now open for the last round of public consultation […]
Cayman gets guest seat on FATF regional body
(CNS): The Cayman Islands has become one of the first countries to secure a seat at the table of a new regional body created by the Financial Action Task Force (FATF). Cayman and Senegal have been appointed as guest members under a new Regional Bodies Guest Initiative that will invite under-represented jurisdictions from the global […]
Cayman registers 30k funds for the first time
(CNS): Officials have claimed that the Cayman Islands continues to cement its place as a global leader in investment funds after the jurisdiction topped a record-breaking 30,000 funds. The Cayman Islands Monetary Authority (CIMA) said that as of 4 September, the total number of registered investment funds in Cayman was 30,038 (17,080 private funds and […]
Minister stands by consultation on new fees
(CNS): Financial Services André Ebanks is standing by his decision to engage local financial institutions in a consultation over proposed fee hikes next year. Premier Juliana O’Connor-Connolly has claimed that she was not aware of a proposal to implement a $200,000 annual fee on the Credit Union, among other financial institutions. However, Ebanks has said […]
Registrar to help churches navigate risk assessment
(CNS): As local authorities work on the latest Cayman Islands National Risk Assessment of its AML/CFT/CPF (anti-money laundering, countering the financing of terrorism, and countering proliferation financing) regime, the Registrar of Non-Profit Organisations (NPOs) has been preparing local charities with outreach sessions for their terrorist financing risk assessments. With only a few months until the […]
Ebanks tackles beneficial ownership during trip to Asia
(CNS): Financial Services Minister André Ebanks led a Cayman Islands delegation to Singapore last month to open the Cayman Islands Government’s new Asia Office. While there, he held a series of meetings, including with the European Commission and Financial Action Task Force for talks on beneficial ownership.
CIG throwing party in Singapore for new office
(CNS): Deputy Premier and Financial Services Minister André Ebanks will be overseas next week, leaving on Wednesday to head a delegation travelling to Singapore to open a Cayman Islands office there. The decision to follow through on the office first proposed under the previous PPM-led administration was to “establish and deepen strong public- and private-sector […]
New bill rolled out to help trust and estates sector
(CNS): Financial Services Minister André Ebanks will present the Perpetuities (Amendment) Bill, 2024 in parliament next month. The bill aims to enhance the trusts and estate planning sector by removing the mandatory 150-year perpetuity period for existing and future trusts. The change aligns with industry trends and ensures the Cayman Islands’ competitiveness in financial services, […]
Offshore sector fuels early extra surplus for CIG
(CNS): The Cayman Islands Government started the year with a surplus of over CI$260 million, much more than the $214.1 million it was expecting due to higher than forecasted revenue and lower than predicted personnel costs during the first quarter of 2024. According to the unaudited financial results for the period, core government collected $27.4 […]
Premier and OT minister in beneficial ownership talks
(CNS): Governor Jane Owen confirmed in a social media post that she and Premier Juliana O’Connor-Connolly are in the UK for various meetings, including one with the overseas territories minister, David Rutley. The premier appears to have been in London to discuss the matter of beneficial ownership with Rutley following recent comments by Deputy Foreign […]
Cabinet approves hike in local company fees
(CNS): Following an extensive consultation process with businesses, associations and government entities, the cost of a local companies control licence and processing fees have been revised via regulations approved by Cabinet and not in the actual law, according to a release from the Ministry of Financial Services. The fees have not been increased for 17 […]
