Financial Services
Cabinet approves hike in local company fees
(CNS): Following an extensive consultation process with businesses, associations and government entities, the cost of a local companies control licence and processing fees have been revised via regulations approved by Cabinet and not in the actual law, according to a release from the Ministry of Financial Services. The fees have not been increased for 17 […]
Minister promotes Cayman Islands business in Asia
(CNS): Financial Services Minister André Ebanks is on the road again, this time promoting the financial service sector in Asia. Ebanks, whose portfolio includes commerce and social development, has been focusing heavily on his financial services sector responsibilities recently, which has taken him away from the jurisdiction a number of times so far this year. […]
Cayman home to Trump’s ‘questionable’ bond supplier
(CNS): Just as the Cayman Islands financial service industry took a step forward in improving its image by being removed from various grey or black lists, the islands’ reputation is taking another pasting in the American press. This time, it is over its connection to the parent company that supplied former US president Donald Trump’s […]
Deputy premier seeks to win hearts and minds in USA
(CNS): Deputy Premier and Financial Services Minister André Ebanks spent last week in Washington DC and New York City attempting to win over the hearts and minds of US politicians and the media in relation to the Cayman Islands’ position as a financial centre. Ebanks was in the US for over a week, from 13 […]
Cayman cleared from all international black-lists
(CNS): For the first time in several years, the Cayman Islands is not on any international official lists that call the jurisdiction’s role in the global financial system into question. Following Cayman’s removal from the Financial Action Task Force list of countries required to improve their anti-financial crime regimes, Cayman was, on Wednesday, finally officially […]
Minister says amended law will help financial sector
(CNS): Financial Services Minister André Ebanks has said that one of the bills he will be presenting to parliament next month will enhance the local financial services sector “in the face of changing market dynamics”. According to a release from his ministry, the Companies (Amendment) Bill, 2024, which was gazetted last week, will enhance Cayman’s […]
Cayman Islands to get off EU black list next month
(CNS): The Cayman Islands will finally be removed from the European Union’s black list of jurisdictions with deficiencies in their AML/CFT (anti-money laundering and countering the financing of terrorism) regimes on 7 February, government officials have said. An amendment to the relevant EU regulation says that, based on Cayman’s removal from the Financial Action Task Force’s AML ‘grey […]
‘New chief, old speech’ as CJ pleads for new courthouse
(CNS): Chief Justice Margaret Ramsay-Hale made an impassioned public plea to politicians attending the formal opening of the Grand Court on Wednesday, as she noted that, despite a number of capital projects planned in this budget cycle, there was no money for a new court building. Making the most of the opportunity to speak directly […]
Cayman’s AML ‘delisting’ begins in Europe and UK
(CNS): Following the removal of the Cayman Islands from the Financial Action Task Force grey-list last month, the jurisdiction is now also being removed from other lists related to anti-money laundering, countering the financing of terrorism and counter-proliferation financing (AML/CFT/CPF) regime.
Offshore related fees won’t increase in coming budget
(CNS): Firms operating in the Cayman Islands most important and lucrative economic pillar will not be subjected to any fee increases in the forthcoming budget, expected to be presented to parliament next week. According to a circular from the Ministry of Financial Services sent to stakeholders business fees across the financial services sector will remain […]
Bills passed to improve BO disclosure regime
(CNS): Financial Services Minister André Ebanks has steered several bills through parliament, including a stand-alone Beneficial Transparency Ownership Act to improve the current regime on how information relating to who benefits from financial entities registered here is shared and to stay ahead of changing standards and rules. Explaining the law during last week’s special parliamentary […]
