Financial Services
Cayman not mentioned in latest offshore leak
(CNS): The Cayman Islands is not listed among the 41 countries and territories named in the Pandora Papers, the latest cache of leaked documents from offshore firms, as jurisdictions where the law firms and financial services providers from which the confidential data was leaked were located. An investigation by the International Consortium of Journalists and […]
CIG to seed fund for climate change projects
(CNS): The Cayman Islands Government is pledging US$25 million to establish the Commonwealth Climate Growth Fund, an investment vehicle that will be domiciled in this jurisdiction and provide money for green private sector enterprises as part of the battle against climate change around the world. Investment Minister André Ebanks explained that not only will Cayman […]
BO law under review ahead of public register
(CNS): The public is being invited to comment on the government’s proposals to reshape the Cayman Islands’ beneficial ownership legislation into a single law to make it more effective in fighting crime and to pave the way to meet the forthcoming changes to the regime, which is expected to lift the lid on who really […]
New rules bring partnerships into line with EU demands
(CNS): Government has published new regulations that come into force today requiring partnerships to notify with the Tax Information Authority (TIA) and where relevant file an economic substance return to ensure this jurisdiction can continue to do business in the European Union. Financial Services Minister André Ebanks said the rules address the EU’s Tax Good […]
CIG appears unfazed by G7 tax deal
(CNS) UPDATED: The Cayman Islands Government appeared unfazed Monday when it responded to the weekend reports that the G7 wealthy nations have agreed a deal to establish a minimum global corporation tax of at least 15% for multinational companies that currently try to steer profits through countries with low or no tax rates.
Panton shores up BOT support over financial sector threats
(CNS): Premier Wayne Panton has secured a commitment from leaders of the other British Overseas Territories to seek clarification from the UK on the purpose of the Joint Declaration on Financial Services Regulatory Cooperation between the European Union (EU) and the United Kingdom (UK). Panton met via teleconference with the other eleven BOT leaders ahead […]
CIMA issues warning to ‘crafty’ offshore firm
(CNS): The Cayman Islands Monetary Authority warned the financial sector that these “are not normal times” in a statement that strongly criticised the Maples Group for issuing a press release about its judicial review application against the regulator. The increased scrutiny by CIMA comes as the jurisdiction fights to be removed from the current Financial […]
Intertrust fined $4.2M over AML failings
(CNS): One of Cayman’s leading corporate service firms has been fined more than CI$4.2 million for breaches of anti-money laundering regulations. CIMA said the fine was imposed because of the company’s “pervasive and protracted history of non-compliance” with AML rules and its failure to remediate the breaches. CIMA said Intertrust had failed to verify the […]
Maples files JR over CIMA’s new rules
(CNS): One of Cayman’s largest financial services and legal firms has filed an application for judicial review challenging how the Cayman Islands Monetary Authority (CIMA) is interpreting and applying certain provisions of the new Anti-Money Laundering Regulations that were implemented last year. The Maples Group said it is turning to the courts to determine how […]
Financial services neglected by candidates
(CNS): The importance of the financial service sector in keeping the Cayman Islands economy afloat over the past year has been highlighted in the latest reports from the Economics and Statistics Office. No other private sector employs as many Caymanians as finance, and the revenue the next government will need to navigate its way through […]
Uptick in exempt company applications floods board
(CNS): The Trade and Business Licensing Board is suspending its expedited service for the processing of exempt company applications from the end of this month, as it struggles to cope with the workload. In a short press release, officials said that from 1 April applicants can expect licence applications for exempt companies to take between […]
