(CNS Business):  Although UK Prime Minister David Cameron had touted his intention to deal with global tax transparency at last weekend's G8 summit in Northern Ireland, a number of international activists and NGOs believe he and other global leaders failed. Leaders of the G8 major economies agreed new measures to clamp down on money launderers, illegal tax evaders and corporate tax avoiders and to give automatic access to information on tax affairs for the relevant authorities. But despite the summit communique urging countries to "fight the scourge of tax evasion", not everyone believes the latest agreements will make much difference or lift the veil on the real financial secrecy.

(CNS Business): With the spotlight still shinning bright on Cayman and other offshore jurisdictions, Cayman is still fending off media attacks and onshore pressure, which means that Cayman’s offshore industry still has a PR fight on its hands to convince the world that Cayman plays a legitimate role in international finance. Having recently appointed Gonzallo Jalles as its first CEO, Cayman Finance now also has a new chair. Former attorney general Richard Coles has now stepped down after two years to make way for Ian Wight, the former head of Deloitte, who has worked within the industry for over 20 years. Coles said the continuous pressure on Cayman meant chairing Cayman Finance was an important job. 

(CNS Business): The Cayman government delegation that met with the British Prime Minister David Cameron in London on Saturday has agreed to publish a national action plan on Beneficial Ownership and to play an active part in the new pilot initiative of multilateral automatic tax information exchange launched by the UK, France, Germany, Italy and Spain. The CIG does not appear to have signed any new agreements relating to the onshore world’s planned tax transparency clampdown but it has agreed to commit to joining the Multilateral Convention on Mutual Administrative Assistance on Tax Matters, as previously stated.

(CNS): The Bermudian government appears more reluctant than Cayman’s leaders to commit to the latest international OECD tax initiative ahead of the G8 summit, as Prime Minister David Cameron had hoped. The territory's premier has said he is willing to commit to more transparency but is not ready to sign the Convention on Mutual Administrative Assistance in Tax Matters. The PM has invited the leaders of Britain's territories and crown dependencies to London in advance of the annual gathering of the G8 group, which will be hosted next week by the UK in Northern Ireland. While all three crown dependencies and the Cayman Islands have already given their commitment to the latest convention, if Bermuda and other territories refuse to sign, the UK government’s goal to get what it has described as its "own house in order" before the summit will be missed.

(CNS Business): Although Butterfield bank’s rating with Fitch was confirmed and marginally raised on Tuesday, the rating agency pointed out that while its residential loan portfolio losses “remain manageable” it continues to face pressures. Stating that it considers support from the Bermuda Government for Butterfield to be “extremely high”, Fitch upgraded the bank’s stand-alone viability rating to bbb- from bb+ and affirmed it long-term issuer default rating at A- and retained its stable outlook.

(CNS Business): A group of public prosecutors and corruption hunters have written to G8 leaders this week calling on them to tackle shell companies and money laundering. The group claims that money launderers, corrupt politicians, terrorists, arms traffickers, drug smugglers, and tax evaders all rely on two things to move their dirty money: company structures that allow them to hide their identity, and banks and other professionals willing to do business with them. In the letter to the G8 governments the group says they have “witnessed first-hand the detrimental effects of state looting by unscrupulous politicians and officials”, which hinders development in by depriving governments of the revenue needed to combat poverty.

(CNS Business): The Cayman Islands government will be seeking to ensure that the latest OECD initiative surrounding the exchange of financial information is fair and equitable among all countries, onshore or offshore, when they attend the pre-G8 meeting this weekend. Wayne Panton, the new financial services minister, said Cayman’s commitment to the Convention on Mutual Administrative Assistance in Tax Matters was another step in its long history of compliance with international standards and it will not have any adverse impacts on the local financial services sector provided there is a level playing field around the world for information exchange to maintain the jurisdiction’s competitive edge.

(CNS Business): Allegations in the international media regarding Michael Froman’s investments in the Cayman Islands, are both misguided and a mischaracterization of the local hedge fund industry, Cayman Finance said Monday. The industry body added that it could not discuss the affairs of any individual client but the investments of Froman, President Barack Obama's pick for US trade representative, were perfectly legitimate. “The notion perpetuated that somehow funds in the Cayman Islands are not effectively regulated or that our legal framework encourages any form of tax evasion is at best outdated and at worse an intentional mischaracterisation purely for entertainment or political purposes, which seems to be the case in the recent media reports,” the organisation stated.

(Palm Beach Post): For more than a year, BBX Capital Asset Management scoured nooks and crannies looking for Dan Catalfumo’s money. It found millions in the Cayman Islands. The once high-flying developer has settled a bruiser of a battle with lender BBX, leaving him, relatives and companies on the hook for $44 million. BBX declined comment on its agreement with Catalfumo, announced Monday. But in court documents, BBX, formerly BankAtlantic Bancorp, outlined a tangled series of Cayman Island trusts and cash transfers allegedly intended to shield Catalfumo from paying a 2-year-old $40.9 million judgment the lender had won.

(CNS Business): Local legal firm Mourant Ozannes was voted Best Offshore Law Firm at the Hedgeweek USA Awards 2013 in New York on Thursday. Now in their third year, the awards recognise excellence among hedge fund managers and service providers throughout North America. Winners are decided by the readers of Hedgeweek, an online publication with a global readership of over 39,000. Subscribers include asset managers and other institutional investors. The award was collected by partner Julian Fletcher, who said that as the award was voted for by the readers of Hedgeweek, the recognition for Mourant came from within the industry. “It is testament to the hard work and expertise of our experienced team," he added.

(CNS Business): As the pressure mounts on the UK’s dependent territories to improve transparency regarding tax matters Jersey’s Chief Minister, Senator Ian Gorst, has written to the David Cameron the UK Prime Minister, signalling islands intention to sign the Multilateral Convention on Mutual Assistance on tax cooperation. In his letter Gorst asks the HM Treasury to make the necessary arrangements for the country to join the OECD convention “at the earliest possible date” as he commits the jurisdiction to providing beneficial ownership information.

(CNS Business): Cayman based law firm, Walkers announced a number of promotions across its global network Wednesday and several attorneys have been made partners. The firm said this was part of its further expansion into key markets to support the ‘continued growth and requirements of its clients.” Six people have been promoted to partner, across five of Walkers' international offices bringing two of which were in Cayman bringing the total number to 59 Six lawyers have also been promoted in all of the firm's main practice areas most of which were in Cayman representing a significant expansion for Walkers.

(CNS Business): The local industry body said that it was looking forward to meeting with the new financial services minister, Wayne Panton, as soon as possible as it offered its congratulations to the new premier and government on Friday. Committing to working with the newly-elected administration and in particular Panton, regarding the financial services industry, Cayman Finance said that it was the spirit of the public private sector collaboration that has made the financial services industry the success it is today. With a number of challenges on the horizon, Gonzalo Jalles, CEO of Cayman Finance, said the association had been working closely with the financial services ministry on key issues, including FATCA and AIFMD. (Photo Dennie Warren Jr)