Tag: André Ebanks
Cabinet approves rollout of National ID Act
(CNS): Following the passage of the Identification Register Bill, 2022 in parliament in December, Cabinet has now approved the commencement order for the law and paved the way for the drafting instructions for the development of regulations for both it and the co-legislation, the Cayman Islands Identification Card Act, 2022. The National ID is still […]
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 […]
Financial crime talking shop emerges from JMC
(CNS): Later this year, the British Virgin Islands will host the inaugural annual meeting between the United Kingdom and its overseas territories to discuss tackling illicit finance. This new “ministerial-level annual dialogue” emerged from this year’s UKOT Joint Ministerial Council meeting, held in London last week, and aims to defend financial systems against illicit actors, […]
Officials still trying to get Cayman off grey list
(CNS): Financial Services Minister André Ebanks, Attorney General Samuel Bulgin and other government officials were in Mexico last week continuing efforts to get the Cayman Islands off the Financial Action Task Force (FATF) grey list of jurisdictions when it comes to money laundering. Cayman is still on the ‘watch’ list, as concerns remain about 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 […]
Volunteers wanted to oversee welfare appeals
(CNS): The social development ministry is looking for five volunteers with experience and qualifications to sit on the Financial Assistance Appeals Tribunal, a new public body that will hear and determine appeals against decisions made by the Department of Financial Assistance under the new law. Officials said the tribunal will comprise a qualified lawyer as […]
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 […]
