Financial Services
UK confirms OTs have till 2023 to make BOs public
(CNS): Before the end of this year Britain’s overseas territories minister will be issuing an order-in-council in line with the Sanctions and Anti-Money Laundering Act passed in the UK parliament in 2018, but the territories still have until 2023 to make their beneficial ownership registers public. In a written statement issued on Thursday, Baroness Sugg […]
Offshore laws glide through LA
(CNS): Financial Services Minister Tara Rivers has steered another batch of legislation through the parliament with the backing of the opposition as well as the government benches. The changes regarding private funds clarified the rules and are expected to help Cayman get off the EU blacklist. Speaking in the Legislative Assembly, Rivers said government had […]
More bills rolled out to help offshore sector
(CNS): The Tax Information Authority (Amendment) Bill, 2020 is one of another bundle legislation that will be before the Legislative Assembly later this month in order to tackle the ongoing challenges faced by Cayman’s offshore industry. The tax bill seeks to strengthen the compliance, enforcement and cooperation functions of the Tax Information Authority and help […]
A rhetorical question about the finance sector
Andre Iton writes: Permit me please the space to ask a question, even though I believe I do know the answer: In light of the anticipated short- to medium-term dramatic decline in public revenues anticipated and clearly inevitable from the disruption to the tourism sector, should the other “pillar” of the the economy, the financial […]
Straw poll shows COVID hasn’t ‘infected’ offshore
(CNS): A quick survey of over 40 leaders from financial services firms in the Cayman Islands indicates that the COVID-19 virus has not ‘infected’ the offshore industry, with companies asymptomatic or suffering just mild symptoms and just one firm facing a critical future. More than one third of respondents in a straw poll said their […]
EU blacklist a ‘major worry’
(CNS): With the COVID-19 pandemic decimating the tourism sector in the Cayman Islands for at least the rest of this year and probably well beyond, financial services will be the main driver for any economic recovery as the country emerges from lockdown. But Premier Alden McLaughlin said that Cayman must be removed from the European […]
Cayman firms asked for info in Danish tax fraud
(CNS): More than a dozen offshore corporate service providers from the Cayman Islands have been asked to provide information for a case going through the New York Southern District Court relating to an alleged $2 billion tax scam in Denmark. The tax authority there, Skatteforvaltningen (SKAT), is seeking discovery from firms here and in the […]
Laws coming to support virtual assets
(CNS): The resilience of the offshore sector will be critical to the Cayman Islands in the post COVID-19 economic recovery and new legislation is expected to help boost the industry in the coming months. Five new bills were gazetted last week that will provide a legal framework to promote the use of new technology and […]
Money transfer stores to stay closed
(CNS): The Cayman Islands Government is not going to allow money transfer stores that send cash overseas to open because it would create another very high risk opportunity for the coronavirus to spread through the Cayman community, Premier Alden McLaughlin has said. Worried that the situation at the banks is already a major problem, he […]
Offshore layoffs unnecessary
(CNS): Financial and legal firms in the Cayman Islands offshore sector are in general working remotely and carrying on doing business in the face of the global COVID-19 pandemic. But while many put in place business continuity plans, some firms are already laying local support staff off, which some say is unnecessary.
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 […]
