Financial Services
CIMA issues warning to ‘crafty’ offshore firm
(CNS): The Cayman Islands Monetary Authority warned the financial sector that these “are not normal times” in a statement that strongly criticised the Maples Group for issuing a press release about its judicial review application against the regulator. The increased scrutiny by CIMA comes as the jurisdiction fights to be removed from the current Financial […]
Intertrust fined $4.2M over AML failings
(CNS): One of Cayman’s leading corporate service firms has been fined more than CI$4.2 million for breaches of anti-money laundering regulations. CIMA said the fine was imposed because of the company’s “pervasive and protracted history of non-compliance” with AML rules and its failure to remediate the breaches. CIMA said Intertrust had failed to verify the […]
Maples files JR over CIMA’s new rules
(CNS): One of Cayman’s largest financial services and legal firms has filed an application for judicial review challenging how the Cayman Islands Monetary Authority (CIMA) is interpreting and applying certain provisions of the new Anti-Money Laundering Regulations that were implemented last year. The Maples Group said it is turning to the courts to determine how […]
Financial services neglected by candidates
(CNS): The importance of the financial service sector in keeping the Cayman Islands economy afloat over the past year has been highlighted in the latest reports from the Economics and Statistics Office. No other private sector employs as many Caymanians as finance, and the revenue the next government will need to navigate its way through […]
Uptick in exempt company applications floods board
(CNS): The Trade and Business Licensing Board is suspending its expedited service for the processing of exempt company applications from the end of this month, as it struggles to cope with the workload. In a short press release, officials said that from 1 April applicants can expect licence applications for exempt companies to take between […]
Cayman on FATF ‘grey list’ over AML compliance
(CNS): The Cayman Islands has fallen short of the necessary compliance standards and will be under increased observation by the Financial Action Task Force until it fulfills the requirements relating to its international financial obligations. Cayman has been added to the FATF’s grey list because of the failure by the authorities here to enforce the […]
Registrar fines companies not revealing owners
(CNS) The Registrar of Companies (RoC) has begun fining companies registered here that have failed to submit accurate information on their ultimate beneficiaries (beneficial owners) and ignored warning letters to do so, according to the Ministry of Financial Services. As of 1 February, the RoC had levied 19 administrative fines of $5,000 against companies for […]
Cayman faces new EU blacklisting
(CNS): The European Parliament is planning a new blacklist of tax havens and the Cayman Islands appears to be at the heart of the move. While local political leaders here have made much of the efforts last year to get this jurisdiction removed from the existing blacklist, MEPs believe the removal of Cayman from it […]
UK drafts public BO order but happy with status quo
(CNS): The UK government has now drafted an order-in-council regarding the introduction of public registers of beneficial ownership in the overseas territories. But foreign office minister Wendy Morton said in a written statement to the UK parliament recently that, given the commitments made by all the UK Overseas Territories, there is no need to enact […]
Minister claims success in perception battle
(CNS): In a long address to parliament Monday, Minister Tara Rivers outlined what she sees as her achievements during her tenure at the helm of the Ministry of Financial Services, from the reams of legislation passed to investment in the sector. Rivers also claimed credit for taking on Cayman’s “perception problem”. She said the ministry […]
Tax report puts Cayman in negative spotlight
(CNS): The report published Friday by the Tax Justice Network identifying the Cayman Islands as the single biggest jurisdiction for global tax losses led to a flurry of negative headlines over the weekend. The government issued a brief statement Friday evening, in which officials said that Cayman supported fair tax systems and noted that it […]
