Tag: EU black-list
Cayman cleared from all international black-lists
(CNS): For the first time in several years, the Cayman Islands is not on any international official lists that call the jurisdiction’s role in the global financial system into question. Following Cayman’s removal from the Financial Action Task Force list of countries required to improve their anti-financial crime regimes, Cayman was, on Wednesday, finally officially […]
Cayman Islands to get off EU black list next month
(CNS): The Cayman Islands will finally be removed from the European Union’s black list of jurisdictions with deficiencies in their AML/CFT (anti-money laundering and countering the financing of terrorism) regimes on 7 February, government officials have said. An amendment to the relevant EU regulation says that, based on Cayman’s removal from the Financial Action Task Force’s AML ‘grey […]
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 […]
Consultation on financial sector bills ‘a charade’
(CNS): The financial services community is raising concerns that continuing changes to laws governing the sector are making Cayman less competitive. Industry experts are also accusing government of “a charade” and not fully engaging with them about the impact. Government has recently released a swathe of bills aimed at increasing oversight of records held by […]
EU drops Cayman from black-list
(CNS): The Cayman Islands Government and the financial services sector were both breathing a sigh of relief, Tuesday, and not just because the islands dodged the path of a category 4 hurricane. The jurisdiction has been removed from the European Union’s black-list of non-cooperative jurisdictions, as hoped, after meeting the EU’s requirements regarding the supervision […]
Offshore laws glide through LA
(CNS): Financial Services Minister Tara Rivers has steered another batch of legislation through the parliament with the backing of the opposition as well as the government benches. The changes regarding private funds clarified the rules and are expected to help Cayman get off the EU blacklist. Speaking in the Legislative Assembly, Rivers said government had […]
EU blacklist a ‘major worry’
(CNS): With the COVID-19 pandemic decimating the tourism sector in the Cayman Islands for at least the rest of this year and probably well beyond, financial services will be the main driver for any economic recovery as the country emerges from lockdown. But Premier Alden McLaughlin said that Cayman must be removed from the European […]
Cayman faces long wait to get off EU blacklist
(CNS): As expected, following warnings last week the Cayman Islands was added to the European Union’s list of non-cooperative jurisdictions regarding tax issues on Tuesday. It seems the jurisdiction will now have to wait until October before it gets off this list, which it has apparently landed on due to the tardiness in passing a […]
Cayman’s efforts to avoid blacklist fails
(CNS): Despite passing a raft of laws in the Legislative Assembly to avoid being blacklisted by the European Union, it appears that the Cayman Islands will be added to the EU’s list of jurisdictions with lax standards for financial crime. The Financial Times has reported that while both Cayman and the British Virgin Islands were […]
Cayman dodges tax list but pressure persists
(CNS): The Cayman Islands government has welcomed the news that this jurisdiction has avoided the latest European Union tax blacklist, but officials have indicated that the pressure is still on as the EU continues to express further concerns about economic substance requirements for collective investment vehicles (CIVs), otherwise known as funds, and one of the […]
Cayman dodges EU tax list as Bermuda added
(CNS): The European Union has added ten more countries to its blacklist of what it considers to be tax havens and the Cayman Islands is not included. Following the passage of legislation at the end of last year to meet the demands of European leaders, the government had been confident that Cayman would avoid the […]
