RSSFinancial Services

Premier to miss port JR for NY meeting

Premier to miss port JR for NY meeting

| 17/01/2020 | 16 Comments

(CNS): Premier Alden McLaughlin will need to keep a close eye on his WhatsApp messages next week, as he heads to New York for meetings there with Cayman Finance, if he wants to keep tabs on the legal case opening Monday regarding the cruise port referendum. A press release from his office said that he […]

Continue Reading

More laws coming to tighten offshore regime

More laws coming to tighten offshore regime

| 10/01/2020 | 34 Comments

(CNS): Financial Services Minister Tara Rivers is presenting another bundle of draft legislation to her colleagues in the Legislative Assembly to debate when it meets at the end of this month to help the jurisdiction meet the findings of last year’s FATF review. The draft bills deal with changes to the oversight of open-ended and […]

Continue Reading

AT&T agrees to stop TV ad shaming Cayman

AT&T agrees to stop TV ad shaming Cayman

| 09/01/2020 | 114 Comments

(CNS): Financial Services Minister Tara Rivers has scored her first win in the campaign she announced late last year to go after Hollywood for misusing and abusing the image of the Cayman Islands in books films, TV shows, videos and commercials. As part of the AT&T’s phone service campaign, ‘Just OK is not OK’, one […]

Continue Reading

CI still working on 63  CFATF recommendations

CI still working on 63 CFATF recommendations

| 16/12/2019 | 18 Comments

(CNS): Government has just two months to address the problems identified by the Caribbean Financial Action Task Force in March regarding Cayman’s vulnerability to global financial crime. Despite persistent claims that this jurisdiction is extremely well regulated and adheres to all global standards, the report found some glaring gaps, especially in areas outside the more […]

Continue Reading

CIMA strikes off unfit directors

CIMA strikes off unfit directors

| 31/10/2019 | 22 Comments

(CNS): The Cayman Islands Monetary Authority struck three directors off its registers this week, describing them all as not being “fit and proper persons” to hold the position. The authority gave few details about their removals in the relevant enforcement notices but it is understood at least one those struck off is facing fraud charges, […]

Continue Reading

Cayman commits to public BO registers

Cayman commits to public BO registers

| 09/10/2019 | 25 Comments

(CNS): The Cayman Islands Government has confirmed it will introduce the controversial public register showing the beneficial owners of all financial entities domiciled in this jurisdiction by 2023, in line with the emergence of these registers across Europe, officials said. The issue caused considerable controversy when the UK parliament passed an amended bill in May […]

Continue Reading

UK rep takes ‘Cayman’ to Labour Party Conference

UK rep takes ‘Cayman’ to Labour Party Conference

| 25/09/2019 | 22 Comments

(CNS): André Ebanks, the Cayman Islands London representative, and Cayman Finance CEO Jude Scott attended the Labour Party Conference in Brighton this week to promote the idea of tax neutrality among a rather hostile group, while their ministry and private sector colleagues were rubbing shoulders with royalty and wealth in Monaco. As the first time […]

Continue Reading

Minister talks regulation with offshore sector

Minister talks regulation with offshore sector

| 20/09/2019 | 12 Comments

(CNS): Financial Services Minister Tara Rivers told hundreds of representatives from the offshore sector recently that government was doing all it could to deal with the new demands in financial standards. Providing a review of efforts to keep pace with new standards in tax transparency, anti-money laundering and counter-terrorism financing, and prudential regulation, she told […]

Continue Reading

Swedish expert to steer CIG through CFATF update

Swedish expert to steer CIG through CFATF update

| 10/09/2019 | 12 Comments

(CNS): The Cayman Islands Government has contracted Jan Tibbling, the former chief public prosecutor at the Swedish Economic Crime Authority (SECA), to help the National Coordination Team steer its way through the Caribbean Financial Action Task Force (CFATF) follow-up. In its review of Cayman earlier this year, CFATF found numerous weakness and vulnerabilities and the […]

Continue Reading

New legislation tightens up trust sector

New legislation tightens up trust sector

| 27/08/2019 | 1 Comment

(CNS): Two pieces of legislation have now come into force that will tighten up the regulatory regime for the management of private trusts and their administrators. The Private Trust Companies (Amendment) regulations, 2019 provides clearer definitions for terms given to those involved in the administration of trusts, while the Trusts (Transparency) Regulations, 2019 lists the information that […]

Continue Reading

Law firm register established

Law firm register established

| 07/08/2019 | 13 Comments

(CNS): All law firms and sole practitioners operating in Cayman must register with a new legal regulator before the end of this month, as government presses on with the job of meeting the latest international rules for the financial sector. The newly formed Cayman Attorneys Regulatory Authority (CARA) has begun to build its regulatory oversight […]

Continue Reading