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FATF visit to decide Cayman’s ‘grey’ list fate

FATF visit to decide Cayman’s ‘grey’ list fate

| 23/06/2023 | 25 Comments

(CNS): The Financial Action Task Force plenary session wrapped up in Paris on Friday, but the Cayman Islands is still on the FATF “grey” list, meaning that this jurisdiction’s measures to combat money laundering and terrorist financing (AML/CFT) remain under increased monitoring. Although Cayman has “substantially completed its action plan”, it will not be removed […]

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Minister in Europe to tackle grey list issue

Minister in Europe to tackle grey list issue

| 13/06/2023 | 35 Comments

(CNS): Minister André Ebanks departed for Europe this weekend, heading a local delegation in the battle to finally get the Cayman Islands removed from the FATF grey list at a meeting in Paris next week. If he succeeds, this jurisdiction will likely also be removed from the European Union AML List in October.

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CIMA warns of economic risk linked to climate

CIMA warns of economic risk linked to climate

| 26/05/2023 | 19 Comments

(CNS): Climate change is expected to increase risks within the financial system in many ways, the Cayman Islands Monetary Authority said in a report assessing the stability of the local economy and salient trends. Local institutions face acute and chronic climate-related risks potentially causing “dire economic consequences”, CIMA warned, as the regulator seeks ways to […]

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Minister meets with SVB clients in Hong Kong

Minister meets with SVB clients in Hong Kong

| 25/05/2023 | 43 Comments

(CNS): The Cayman Islands Monetary Authority (CIMA) is exploring legal options after the US Federal Deposit Insurance Corp (FDIC) seized deposits held at the Cayman branch of Silicon Valley Bank, The Wall Street Journal has reported. Financial Services Minister AndrĂ© Ebanks met with some of SVB’s depositors in Hong Kong recently and told them that […]

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Financial crime talking shop emerges from JMC

Financial crime talking shop emerges from JMC

| 17/05/2023 | 19 Comments

(CNS): Later this year, the British Virgin Islands will host the inaugural annual meeting between the United Kingdom and its overseas territories to discuss tackling illicit finance. This new “ministerial-level annual dialogue” emerged from this year’s UKOT Joint Ministerial Council meeting, held in London last week, and aims to defend financial systems against illicit actors, […]

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Officials still trying to get Cayman off grey list

Officials still trying to get Cayman off grey list

| 10/05/2023 | 52 Comments

(CNS): Financial Services Minister AndrĂ© Ebanks, Attorney General Samuel Bulgin and other government officials were in Mexico last week continuing efforts to get the Cayman Islands off the Financial Action Task Force (FATF) grey list of jurisdictions when it comes to money laundering. Cayman is still on the ‘watch’ list, as concerns remain about the […]

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Panton urges Owen to speak for financial sector

Panton urges Owen to speak for financial sector

| 25/04/2023 | 10 Comments

(CNS): Premier Wayne Panton said Friday that Jane Owen, in her new role as governor of the Cayman Islands, should not act only on behalf of Britain’s interests, and made it clear that he hopes she will help to promote Cayman’s financial services sector and help get the jurisdiction off the FATF grey list.

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Maples wins legal battle over CIMA’s AML rules

Maples wins legal battle over CIMA’s AML rules

| 19/04/2023 | 134 Comments

(CNS): In a complex legal ruling, a Grand Court judge has found largely in favour of financial services group, Maples, after it challenged the regulator, CIMA, over new rules surrounding the recording of clients’ details under regulations rolled out in 2020 as part of the enhanced local anti-money laundering regime. The ruling comes against the […]

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Seven bills rolled out to tackle AML issues

Seven bills rolled out to tackle AML issues

| 30/03/2023 | 10 Comments

(CNS): Seven amendment bills to strengthen the powers of the Cayman Islands Monetary Authority (CIMA) and widen the anti-money laundering net have been published in the government gazette. The bills propose changing laws that were passed as far back as 2010 and as recently as 2021 to help the regulator apply “proportionate and dissuasive sanctions” […]

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FATF still concerned by Cayman’s failings on action plan

FATF still concerned by Cayman’s failings on action plan

| 27/02/2023 | 80 Comments

(CNS): The Financial Action Task Force has expressed concerns that the Cayman Islands is still failing to complete its action plan to address the “remaining strategic deficiencies” by demonstrating that all types of money laundering cases are being prosecuted in line with the jurisdiction’s risk profile. Officials here were hoping that the FATF would have announced […]

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Ministry presses on with Cayman office in US

Ministry presses on with Cayman office in US

| 31/01/2023 | 56 Comments

(CNS): The financial services ministry opened a government office in Washington, DC last week, which will be headed up by Cayman’s representative to the US and Canada, Chris Duggan. According to a press release, the PACT Government intends to open two more overseas offices, one in Europe and another in Asia, despite the controversy over these offices after […]

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