Financial Services
Suspicious activity not properly investigated
(CNS): The evaluation of the Cayman Islands by CFATF has identified a long list of potential risks, threat and vulnerabilities faced by the jurisdiction as a result of the size and sophistication of its offshore financial sector. One significant concern, from the long list identified in the report, is the failure of the disclosures from […]
Major risks found in Cayman’s finance sector
(CNS): The Cayman Islands Government is faced with a long ‘to do’ list to address “major deficiencies” inhibiting the jurisdiction’s “ability to analyse and understand its risks”, according to a new report. Well aware that the latest peer review on how Cayman combats money laundering and terrorist financing was likely to be damning, the premier […]
Cayman dodges tax list but pressure persists
(CNS): The Cayman Islands government has welcomed the news that this jurisdiction has avoided the latest European Union tax blacklist, but officials have indicated that the pressure is still on as the EU continues to express further concerns about economic substance requirements for collective investment vehicles (CIVs), otherwise known as funds, and one of the […]
Cayman dodges EU tax list as Bermuda added
(CNS): The European Union has added ten more countries to its blacklist of what it considers to be tax havens and the Cayman Islands is not included. Following the passage of legislation at the end of last year to meet the demands of European leaders, the government had been confident that Cayman would avoid the […]
Bermuda politicians plan debate on FAC report
(CNS): Politicians in Bermuda plan to debate a motion in their legislature calling on the UK government to reject recommendations in a new report from the Foreign Affairs Committee over fears that it may be gathering traction in the British parliament. So far there has been no indication that Cayman Islands Premier Alden McLaughlin plans […]
Crown Dependencies fight against BO registers
(CNS): The leaders of Britain’s Crown Dependencies were in London Monday in an effort to stop any attempts by the UK government to impose public beneficial ownership registers on them as it has on the British Overseas Territories. Like the BOTs, the Isle of Man, Jersey and Guernsey are under threat of being blacklisted by […]
Offshore gets rule book on economic substance
(CNS): The government has produced a new guide on what offshore entities in the Cayman Islands impacted by new legislation should do to satisfy an Economic Substance Test and enable them to continue doing business here. The rule book, published by the Tax Information Authority, was recently gazetted and is designed to help those affected […]
Securities expert returns to Cayman for CIMA job
(CNS): Gerald Halischuk is the new head of the Securities Supervision Division at the Cayman Islands Monetary Authority, effective Monday, 11 February, according to a CIMA release. Halischuk, who is Canadian, comes to Cayman from Anguilla, where he was the managing director of the Financial Commission there for four years. Halischuk has previously worked in the […]
Changes to law cut charity costs and red tape
(CNS): An amendment to the Companies Law made at the end of last year to reduce red tape and costs for local non-profits comes into effect on Friday, 1 March. Application fees for charitable entities applying to operate as a Section 80 company will be cut from CI$1,000 to $300 and administrative fees cut from $500 […]
CEOs increasingly worried about global economy
(CNS): Nearly 30% of business leaders believe that world economic growth will decline in 2019, compared to just 5% last year, according to the results of PricewaterhouseCoopers’ latest annual survey of more than 1,300 CEOs. Graeme Sunley, Territory Leader, PwC Cayman Islands, said that despite Cayman’s competitive advantages, in the changing world the jurisdiction will still need to work […]
Cayman escapes Europe’s dirty money list
(CNS): The Cayman Islands Government was able to breathe a sigh of relief this week when the European Commission revealed its revised blacklist of countries with what it considers weak anti-money laundering and terrorist financing regimes. This jurisdiction avoided the list of 23 countries, along with all of the British Overseas Territories with financial centres. But […]
