Financial Services
Cayman still on FATF grey list over AML issues
(CNS): The Cayman Islands remains on the Financial Action Task Force grey list while Nicaragua and Pakistan were removed following this week’s meeting in Paris to review the political commitment made by countries to meet the requirements needed to combat global financial crime. In a statement issued Friday, the FATF said that Cayman, which has […]
General Licence issued to protect fund investors
(CNS) The governor has issued the first General Licence under the Russia Sanctions Regime for the Cayman Islands, which officials said allows multiple parties to undertake specified activities that would otherwise be prohibited by the Modified Regulations. An industry expert told CNS that, subject to certain requirements, this licence allows relevant investment funds to redeem, […]
Real estate still poses high risk of money laundering
(CNS): More than 40% of property developers and real estate agents selected last year by the Department of Commerce and Investment for inspection for their anti-money laundering processes were found to be non-compliant with the regulations. According to both the DCI’s 2021 Supervisory Report and the National Risk Assessment 2021, which have both been made […]
Audit firm count Friday out for the summer
(CNS): Grant Thornton Cayman Islands has given all of its staff the option to take every Friday off throughout July and August. Given that many auditors and financial service professionals experience burnout after the busy period, the firm said in a press release announcing this summer’s four-day working week that it wanted to ensure its […]
Minister tackles misperception of Cayman in UK & EU
(CNS): Financial Services and Commerce Minister André Ebanks headed a delegation to London and Brussels recently spreading the message about Cayman’s role in anti-money laundering, Russia sanctions, international tax cooperation, sustainable finance, transparency and good governance. Despite continued efforts over the years around the world, the image of Cayman as a tax haven has been […]
Panton: We can sell Cayman’s natural services
(CNS): Premier Wayne Panton has said the Cayman Islands’ natural assets have real monetary as well as intrinsic value to the country that can be used to generate income, which in turn can be used to protect our environment. According to the set of ‘natural accounts’ that have been completed, the country’s natural resources are […]
Cayman drops way down on TJN secrecy ranking
(CNS): The Cayman Islands is no longer the Tax Justice Network‘s most secret jurisdiction. The British overseas territory was rated number one in 2020 and number two in 2021, but this year it has dropped way down to number 14. The United States is now number one, Germany is number seven and Britain itself is […]
Panton chooses finance over climate for o’seas talks
(CNS): Premier Wayne Panton turned down an invitation to present the keynote speech at a climate summit in Turks and Caicos this week in favour of attending the Caribbean Financial Access Roundtable in Barbados being co-hosted by CARICOM and Maxine Waters, chair of the US House of Representatives Financial Services Committee. The talking shop covered […]
Cayman freezes US$7.3 billion of Russian assets
(CNS): Since the Russian invasion of Ukraine in February, more than 800 asset freeze designations of individuals and entities have been enforced in the Cayman Islands, officials said in a release about the creation of a task force to coordinate the new sanctions regime.
Leading law firm in dispute with CIG over BO rules
(CNS): Walkers is suing the Ministry of Financial Services and the Registrar of Companies over information that law firms must provide on their clients to the authorities under the Companies Act. Walkers, one of the biggest law firms in the Cayman Islands catering to the offshore financial sector, filed a consent order on Friday to […]
Ministry PR dept seeks marketing consultants
(CNS): A new government PR and marketing department within the innovation ministry, created to promote investment in the Cayman Islands, has issued a request for proposals from marketing consultants. InvestCayman was launched last year, describing itself as an investment promotion agency headed up by marketing professional Jane Scaletta, who was appointed to the top job […]
