Financial Services
Changes made as beneficial ownership regime reworked
(CNS): Premier Juliana O’Connor-Connolly presented changes to beneficial ownership legislation to parliament when it met for the last time before the elections. While the Beneficial Ownership Transparency (Amendment) Act, 2024 was passed less than a year ago, the government continues to rework the law to help shape this delicate new regime that allows increasing access […]
Finance leader laments lack of investment in sector
(CNS): Around 58% of people who took part in a local survey in 2023 said that they had a negative or neutral view of the financial services sector. Yet the industry employs thousands of Caymanians in well-paying jobs and contributes half of all government revenue. Cayman Finance CEO Steve McIntosh recently said that even though […]
Parliament adjourns with passage of new BO regs
(CNS): Premier Juliana O’Connor-Conolly, who recently added financial services to the largest portfolio ever held by a Cabinet minister, steered a government motion through parliament Monday night that enables people with a confirmed legitimate reason to access beneficial ownership information about companies registered in the Cayman Islands. The Beneficial Ownership Transparency (Legitimate Interest Access) Regulations, […]
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, […]
