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More laws coming to address CFATF criticisms

More laws coming to address CFATF criticisms

| 16/07/2019 | 16 Comments

(CNS): Government is bringing another batch of laws relating to the offshore sector when the Legislative Assembly meets later this month. Most of the bills are designed to enhance the existing anti-money laundering and counter financing of terrorism (AML/CFT) regime and to meet the criticisms contained in the latest report by the Caribbean Financial Action […]

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Cayman at bottom of new list for right reasons

Cayman at bottom of new list for right reasons

| 12/06/2019 | 22 Comments

(CNS): A new report analysing business complexity in 76 countries has found that the largest economies in the world are often the most complex and unpredictable places in which to do business, but the Cayman Islands came bottom of the whole list, indicating that it is the easiest place in the world. The Global Complexity […]

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Cayman delegates in Hong Kong for talks over office

Cayman delegates in Hong Kong for talks over office

| 10/06/2019 | 17 Comments

(CNS): Matthew Forbes, the head of the governor’s office, and Eric Bush, the chief officer in the new ministry for International Trade, Investment, Maritime and Aviation Affairs, led a delegation to Hong Kong last week to meet with officials in the Hong Kong Special Administrative Region Government to agree plans for the opening of the […]

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Kushner uses Cayman to move foreign cash

Kushner uses Cayman to move foreign cash

| 10/06/2019 | 36 Comments

(CNS): A real estate company partly owned by Jared Kushner has brought in around $90 million in investment from anonymous foreign sources since the US President Trump’s son-in-law entered the White House as an adviser. The Guardian reported that most of the cash flowed into the company, Cadre, in which Kushner is said to hold […]

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UK territories blamed for bulk of global tax dodging

UK territories blamed for bulk of global tax dodging

| 28/05/2019 | 31 Comments

(CNS): The UK’s overseas territories are largely responsible for the breakdown in the global tax system and helping major global corporations dodge their tax obligations, according to a new report released Tuesday. The British Virgin Islands, Bermuda and the Cayman Islands are listed as the top three jurisdictions in the world that have “aggressively undermined […]

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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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