Financial Services
Authorities issue details on sanctioned Russians
(CNS): The Cayman Islands Monetary Authority and the Financial Reporting Authority have issued notices to the financial services sector. These are based on directions from the UK Treasury’s Office of Financial Sanctions Implementation and outline the latest sanctions imposed by the UK on individual wealthy Russian oligarchs.
CIG presses on with scaled-down costly Dubai Expo
(CNS): Government has continued with a scaled-back involvement in the Dubai Expo 2020, which the auditor general found had cost the Cayman Islands around $2.5 million, most of which was not approved via the proper channels. The exhibition started in October last year and will last until the end of March but Cayman only began […]
More challenges ahead for offshore sector in EU
(CNS): The financial services industry in the Cayman Islands is bracing itself for another rocky year, as this jurisdiction could be included on the European Union’s list of high-risk third countries for money laundering that pose significant threats to the financial system of the Union.
Legal changes made to attract insolvency work
(CNS): A number of amendments are being made to the Companies Act that officials from the financial services ministry say will retain and attract more restructuring and insolvency business for firms based in the Cayman Islands. The Companies (Amendment) Bill, 2021 is expected to be presented to Parliament at the next, as yet unfixed, meeting […]
Cayman improves compliance over virtual assets
(CNS): The Cayman Islands is now compliant or largely compliant with all 40 of the Financial Action Task Force (FATF) recommendations following improvements to how this country manages its virtual assets regime. In the latest follow-up report released this month assessing how the jurisdiction’s technical compliance with anti-money laundering and counter-terrorism financing (AML/CFT) measured up […]
Cayman not mentioned in latest offshore leak
(CNS): The Cayman Islands is not listed among the 41 countries and territories named in the Pandora Papers, the latest cache of leaked documents from offshore firms, as jurisdictions where the law firms and financial services providers from which the confidential data was leaked were located. An investigation by the International Consortium of Journalists and […]
CIG to seed fund for climate change projects
(CNS): The Cayman Islands Government is pledging US$25 million to establish the Commonwealth Climate Growth Fund, an investment vehicle that will be domiciled in this jurisdiction and provide money for green private sector enterprises as part of the battle against climate change around the world. Investment Minister André Ebanks explained that not only will Cayman […]
BO law under review ahead of public register
(CNS): The public is being invited to comment on the government’s proposals to reshape the Cayman Islands’ beneficial ownership legislation into a single law to make it more effective in fighting crime and to pave the way to meet the forthcoming changes to the regime, which is expected to lift the lid on who really […]
New rules bring partnerships into line with EU demands
(CNS): Government has published new regulations that come into force today requiring partnerships to notify with the Tax Information Authority (TIA) and where relevant file an economic substance return to ensure this jurisdiction can continue to do business in the European Union. Financial Services Minister André Ebanks said the rules address the EU’s Tax Good […]
CIG appears unfazed by G7 tax deal
(CNS) UPDATED: The Cayman Islands Government appeared unfazed Monday when it responded to the weekend reports that the G7 wealthy nations have agreed a deal to establish a minimum global corporation tax of at least 15% for multinational companies that currently try to steer profits through countries with low or no tax rates.
Panton shores up BOT support over financial sector threats
(CNS): Premier Wayne Panton has secured a commitment from leaders of the other British Overseas Territories to seek clarification from the UK on the purpose of the Joint Declaration on Financial Services Regulatory Cooperation between the European Union (EU) and the United Kingdom (UK). Panton met via teleconference with the other eleven BOT leaders ahead […]
