Financial Services
‘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 […]
Ebanks hopes to enhance maritime business
(CNS): Financial Services Minister André Ebanks travelled to Athens, Greece, last week to support Maritime Authority of the Cayman Islands (MACI) CEO Joel Walton and his staff in meetings with members of the Greek shipping community. The trip was part of MACI’s year-long celebrations of the 120-year anniversary of the Cayman Islands Shipping Registry and […]
Final FATF onsite visit key to Cayman’s ‘de-listing’
(CNS): Local officials remain hopeful that the Cayman Islands will be removed from the Financial Action Task Force’s grey list during the upcoming FATF Plenary in October after a final visit by FATF officials last week. The onsite visit by a delegation from the Americas Joint Group, a sub-working group of the FATF’s International Co-Operation […]
BO access won’t be public yet under new bill
(CNS): The Cayman Islands Government has rolled out another piece of legislation to enhance its anti-money laundering regime. However, the Beneficial Ownership Transparency Bill only improves access for law enforcement and relevant agencies, not the public. While the bill has provisions to allow public access in future, officials said that will not happen before Cayman […]
FATF visit to decide Cayman’s ‘grey’ list fate
(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 […]
Minister in Europe to tackle grey list issue
(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.
CIMA warns of economic risk linked to climate
(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 […]
Minister meets with SVB clients in Hong Kong
(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 André Ebanks met with some of SVB’s depositors in Hong Kong recently and told them that […]
