Financial Services
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 […]
Minister promotes Cayman Islands business in Asia
(CNS): Financial Services Minister André Ebanks is on the road again, this time promoting the financial service sector in Asia. Ebanks, whose portfolio includes commerce and social development, has been focusing heavily on his financial services sector responsibilities recently, which has taken him away from the jurisdiction a number of times so far this year. […]
Cayman home to Trump’s ‘questionable’ bond supplier
(CNS): Just as the Cayman Islands financial service industry took a step forward in improving its image by being removed from various grey or black lists, the islands’ reputation is taking another pasting in the American press. This time, it is over its connection to the parent company that supplied former US president Donald Trump’s […]
Deputy premier seeks to win hearts and minds in USA
(CNS): Deputy Premier and Financial Services Minister André Ebanks spent last week in Washington DC and New York City attempting to win over the hearts and minds of US politicians and the media in relation to the Cayman Islands’ position as a financial centre. Ebanks was in the US for over a week, from 13 […]
Cayman cleared from all international black-lists
(CNS): For the first time in several years, the Cayman Islands is not on any international official lists that call the jurisdiction’s role in the global financial system into question. Following Cayman’s removal from the Financial Action Task Force list of countries required to improve their anti-financial crime regimes, Cayman was, on Wednesday, finally officially […]
Minister says amended law will help financial sector
(CNS): Financial Services Minister André Ebanks has said that one of the bills he will be presenting to parliament next month will enhance the local financial services sector “in the face of changing market dynamics”. According to a release from his ministry, the Companies (Amendment) Bill, 2024, which was gazetted last week, will enhance Cayman’s […]
Cayman Islands to get off EU black list next month
(CNS): The Cayman Islands will finally be removed from the European Union’s black list of jurisdictions with deficiencies in their AML/CFT (anti-money laundering and countering the financing of terrorism) regimes on 7 February, government officials have said. An amendment to the relevant EU regulation says that, based on Cayman’s removal from the Financial Action Task Force’s AML ‘grey […]
