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UK Companies House vulnerable to crooks

UK Companies House vulnerable to crooks

| 08/05/2019 | 6 Comments

(CNS): The UK is planning the biggest overhaul of its corporate register at Companies House since the nineteenth century following concerns it is being used by criminals around the world to launder their dodgy cash. According to reports in the British media, the 175-year-old institution will be given more power to check information from people […]

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OT minister wants to avoid BO confrontation

OT minister wants to avoid BO confrontation

| 01/05/2019 | 34 Comments

(CNS): Lord Ahmad of Wimbledon has said that he does not see a need for the UK to get into any kind of confrontation with its overseas territories impacted by legislation passed in Britain that imposes public beneficial ownership registers on those with financial service sectors. During a visit to Bermuda last week the FCO […]

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Insurance sector predicts bumper year

Insurance sector predicts bumper year

| 23/04/2019 | 19 Comments

(CNS): With 16 new (re)insurance company licences issued so far this year by the Cayman Islands Monetary Authority (CIMA), the insurance industry is expecting a banner year of growth in 2019. Experts say Cayman has established itself as a captives specialist and growth in that sector as well as digital assets and reinsurance underline its […]

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Premier to ride in St Tropez bike race

Premier to ride in St Tropez bike race

| 18/04/2019 | 43 Comments

(CNS): Premier Alden McLaughlin will be mixing business with pleasure next week during a trip to Europe, where he will meet with UK officials in London and maritime experts in Monaco. He will also be taking part, alongside Prince Albert and other celebrities, in the 8th annual Champagne and Oysters Cycling Club (COCC) St Tropez […]

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More legislation planned to keep Cayman compliant

More legislation planned to keep Cayman compliant

| 17/04/2019 | 14 Comments

(CNS): After steering through two pieces of legislation in the most recent session of the Legislative Assembly to help keep Cayman’s offshore sector compliant and competitive, the financial services ministry is working on more new laws, which are expected to be debated in June. The Securities Investment Business (Amendment) Bill, 2019, which was published on […]

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CIG to spend millions addressing CFATF report

CIG to spend millions addressing CFATF report

| 09/04/2019 | 10 Comments

(CNS): The government will be spending many millions of dollars to improve the anti-money laundering, counter terrorism and financial crime regime in Cayman over the next year, following the recent findings of the Caribbean Financial Action Task Force, Premier Alden McLaughlin told Finance Committee on Friday. He said the more than $600,000 appropriation for the […]

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CIG rolls out law to speed cheque clearance

CIG rolls out law to speed cheque clearance

| 02/04/2019 | 25 Comments

(CNS): A new piece of legislation will be debated in the Legislative Assembly, when the sitting opens Wednesday, that government says will speed up cheque clearance between banks. The Bills of Exchange (Amendment) Bill, 2019 facilitates an Automated Clearing House system, making things more efficient, Ministry of Financial Services officials said in a press release. […]

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New legislation to cut charity risks

New legislation to cut charity risks

| 26/03/2019 | 9 Comments

(CNS): Several pieces of legislation will come into force next week that are designed to protect non-profit organisations and charities from financial crime and clarify the regime surrounding NPOs and civil organisations that could be misused. The Non-Profit Organisations (Amendment) Law, 2018 (Commencement) Order, 2019 and Non-Profit Organisations (Registration Application) (Amendment) Regulations, 2019 will come into […]

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Cayman workers sent $235M to home countries

Cayman workers sent $235M to home countries

| 26/03/2019 | 88 Comments

(CNS): Expatriate workers in the the Cayman Islands sent home a record-breaking amount of cash last year through money service companies, according to statistics from the Cayman Islands Monetary Authority. People sent almost $235 million to numerous countries around the world, but the largest amount, around $133 million or 58%, went to Jamaica. The Philippines […]

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Developers vulnerable to money laundering

Developers vulnerable to money laundering

| 26/03/2019 | 83 Comments

(CNS): Developers who are selling their expensive properties directly to customers are not subject to any oversight, which the Caribbean Financial Action Task Force has said leaves them vulnerable to money laundering and terrorist financing. In the recently published mutual evaluation report for the Cayman Islands that outlined some of the threats this jurisdiction faces […]

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Suspicious activity not properly investigated

Suspicious activity not properly investigated

| 21/03/2019 | 27 Comments

(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 […]

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