Financial Services
Maples wins legal battle over CIMA’s AML rules
(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 […]
Seven bills rolled out to tackle AML issues
(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” […]
FATF still concerned by Cayman’s failings on action plan
(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 […]
Ministry presses on with Cayman office in US
(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 […]
Reinsurance sector ‘thriving’ in Cayman, expert says
(CNS): The reinsurance sector in Cayman is thriving, according to Graham Mackay, the chairman of the Cayman International Reinsurance Companies Association. Mackay was one of a number of local delegates who took part last week in the annual New York breakfast briefing, the first after a three-year hiatus due to the pandemic, hosted by representatives […]
CIG makes another bid to get off FATF ‘grey list’
(CNS): A Cayman Islands Government delegation, led by Financial Services Minister André Ebanks and Attorney General Sam Bulgin, met recently in Miami with the Financial Action Task Force (FATF) review group on money-laundering investigations and prosecutions here to demonstrate the jurisdiction’s renewed capability and capacity for fighting financial crimes. The meeting was part of the process […]
Ministry opens bid for a plan to exploit future of finance
(CNS): The Ministry of Financial Services is embarking on a strategic plan for financial services in the Cayman Islands to help the jurisdiction exploit future opportunities in the sector, such as sustainable finance and virtual assets. A request for proposals from consultants to prepare the plan has been issued on the CIG’s procurement platform to […]
EU court ruling may scupper public BO registers
(CNS): A recent ruling from the European Court of Justice (ECJ) may have implications here in the Cayman Islands as the authorities prepare legislation to pave the way for public beneficial ownership registers for offshore entities. The court found that the idea of a public beneficial ownership register to prevent money laundering constitutes a serious interference […]
Cayman chairs CFATF as it awaits de-listing
(CNS): The Cayman Islands is preparing to host the 55th Plenary and Working Group Meetings of the Caribbean Financial Action Task Force (CFATF) this weekend, during which Attorney General Sam Bulgin will assume the chair on behalf of Cayman, taking over from Bermuda. Over 200 overseas delegates will be attending the five-day event alongside 130 local […]
Minister exchanges views with EU tax committee
(CNS): Financial Services Minister André Ebanks sat down face to face with members of the European Parliament last week to address the allegations that Cayman is a secretive tax haven. Answering questions from the EU Parliament’s Subcommittee on Tax Matters (FISC) in an exchange of views session, Ebanks explained how this jurisdiction works and the […]
Intertrust to pay $5M CIMA fine for AML failings
(CNS): Intertrust has agreed to pay $5 million to the Cayman Islands Monetary Authority after the courts dismissed its appeal against an administrative fine of over $4.23 million for its failure to meet anti-money laundering regulations. According to a document posted on the Grand Court website last week, the offshore legal and financial services firm […]
