Financial Services
CIMA strikes off unfit directors
(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, […]
Cayman commits to public BO registers
(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 […]
UK rep takes ‘Cayman’ to Labour Party Conference
(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 […]
Minister talks regulation with offshore sector
(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 […]
Swedish expert to steer CIG through CFATF update
(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 […]
New legislation tightens up trust sector
(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 […]
Law firm register established
(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 […]
CJ finds law firm breached confidentiality
(CNS): One of Cayman’s leading law firms was found by the chief justice to have breached the confidentiality of one of its own clients to another in what was described as an “exceptionally complex cross-border case”. According to lawyers from Etienne Blake, who defended the various aggrieved parties, their information was given to another Walkers […]
Cayman hosts IP training with US crime fighters
(CNS): The Cayman Islands Intellectual Property Office partnered with the United States government’s law enforcement agencies to host regional training here last week. Officials said the strength of Cayman’s intellectual property regime encouraged the US to stage the training here. IP falls under the financial services ministry, which worked with America’s Homeland Security Investigations division […]
OECD says Cayman tax regime not harmful
(CNS): As Financial Services Minister Tara Rivers prepared to steer another dozen pieces of legislation relating to the offshore sector through the Legislative Assembly today (Wednesday), a new assessment by the Organisation for Economic Co-operation and Development (OECD) found that this jurisdiction and 11 others with low or no tax regimes are not harmful to […]
Cayman may lose its only discount broker
(CNS): The Cayman Islands Monetary Authority has appointed controllers to take over the affairs of OneTRADEx, a local online discount broker, ahead of its possible shut down. According to the CIMA notice, accountants from KRyS Global have taken over the company, owned by Colin Wilson and Rich Ellison, which offers the only online discount share […]
