Financial Services
Cayman Finance says sector keeping economy going
(CNS): Officials from Cayman Finance are reminding the community of the offshore sector’s importance to the country during the current COVID-19 health crisis. This comes after Premier Alden McLaughlin recently implied that the financial sector had been less than cooperative over efforts to shut down offices here and implement a ‘stay in place’ order rather […]
Prince Charles and premier discuss eco fund
(CNS): Premier Alden McLaughlin met with Prince Charles at his private residence, Highgrove House, last week, when they discussed a Cayman Islands-based Blue/Green Fund, an initiative that aims to provide financing to environmental projects in the Caribbean, which was introduced to the Prince of Wales when he visited the Cayman Islands in March last year. […]
Cayman meets CFATF assessment deadline
(CNS): Following the blow to the Cayman Islands financial sector after it was blacklisted by the European Union as being non-cooperative on tax issues because it missed the deadline to pass relevant laws, Cayman continues efforts to get on good international standing on other fronts, namely to be seen as a jurisdiction that does not […]
Offshore sector scrambles to repair damage
(CNS): Various major law firms have issued advisories and statements to clients over the last two days after a pretty bad day on Tuesday for the Cayman Islands’ reputation on the global financial stage. Cayman was blacklisted by the EU because government missed a deadline it was well aware was approaching, and then topped the […]
Cayman tops TJN 2020 Secrecy Index
(CNS): The Cayman Islands government hit back at the Tax Justice Network after it topped the TJN Financial Secrecy Index this year for the first time, which happened on the same day that Cayman became the only UK Overseas Territory to be blacklisted by the European Union. Officials here criticised TJN’s methodology and accused it […]
Cayman faces long wait to get off EU blacklist
(CNS): As expected, following warnings last week the Cayman Islands was added to the European Union’s list of non-cooperative jurisdictions regarding tax issues on Tuesday. It seems the jurisdiction will now have to wait until October before it gets off this list, which it has apparently landed on due to the tardiness in passing a […]
Cayman’s efforts to avoid blacklist fails
(CNS): Despite passing a raft of laws in the Legislative Assembly to avoid being blacklisted by the European Union, it appears that the Cayman Islands will be added to the EU’s list of jurisdictions with lax standards for financial crime. The Financial Times has reported that while both Cayman and the British Virgin Islands were […]
Cayman develops online AML learning platform
(CNS): As part of continuing efforts by the Cayman Islands to fill gaps in its regime dealing with financial crime identified by the Financial Action Task Force (FATF) and avoid potential black-listing, the government, with support from Cayman Finance, has developed online learning modules relating to anti-money laundering, countering terrorist financing, and countering proliferation financing […]
Minister steers through bundle of offshore laws
(CNS): As the Cayman authorities rush to meet the recommendations in last year’s damning CFATF review to plug gaps, address shortcomings and deal with vulnerabilities in the local protections against financial crime, Minister Tara Rivers steered through another bundles of laws last week. This latest batch of legislation focused on modernising the beneficial ownership regime […]
Premier makes most of NY trip
(CNS): As Grand Cayman’s dump ignited with one of its worst blazes in years and government’s lawyers were in court arguing that the cruise port referendum law was fine, Premier Alden McLaughlin and his delegation were enjoying a visit to New York this week. The trip to Manhattan was to promote the offshore services sector […]
Finance laws still dominate drafting agenda
(CNS): Attorney General Samuel Bulgin has said Cayman is suffering from “review fatigue” over the scrutiny the jurisdiction faces relating to its vulnerability to financial crime in the offshore sector and related industries. Despite the ongoing engagement with international initiatives relating to taxes, anti-money laundering and combating terrorist financing, the constantly changing rules require more […]
