Archive for October, 2015
CIMA battles forgers with seminar on fake cash
(CNS Business): The US Secret Service and representatives from money printers, De La Rue, will be partnering with CIMA and the RCIPS Financial Crimes Unit (FCU) next week at a fraud detection and prevention seminar to help businesses in the fight against forged currency. “At CIMA, we are highly conscious of the need to continually […]
Brazilian wealth seeks Cayman deals in complex environment
(CNS Business): The use of Cayman Islands funds as a wealth management tool for high net worth Latin American families was debated last week at the STEP LatAm Conference in Brazil, where kidnapping is a constant worry for the wealthy and demand for outbound investments is fuelled by privacy and security concerns as much as any […]
DCI on hand at upcoming CayShop expo
(CNS Business): Local business owners have another opportunity to get familiar with the new Trade and Business Licensing Law . Department of Commerce and Investment (DCI) staff will be present at the CayShop business expo, which opens tomorrow, Thursday 29 October, at 5:30pm at the ARC in Camana Bay.
Chamber tells CIG to stop blaming business for social ills
(CNS Business): The Chamber of Commerce has denied that the business community has easy access to work-permits. In response to comments made by Community Affairs Minister Osbourne Bodden in the Legislative Assembly last week, the Chamber’s executive council has taken aim at local politicians, stating, “It’s time respected members of government stopped blaming business owners for […]
UBS defection to Ireland sparks fund flight concern
(CNS Business): The Cayman hedge fund industry has come under attack again after a high profile fund structure redomiciled to Ireland, prompting claims that “hundreds” more will follow suit, alongside suggestions that Ireland is poised to capitalise on the uncertainty surrounding EU access for Cayman funds.
Register freed to tout for passenger ship business
(CNS): An amendment to the Gambling Law passed by legislators Wednesday, will facilitate the registration of cruise or other large passenger ships with on-board casinos on the Cayman Islands Shipping Registry and boost business for the growing government earner. Financial Services Minister Wayne Panton, who brought the changes, said that although the register was doing […]
Financial industry facing up to outsourcing rules
(CNS Business): Keeping up its focus on improving the way business is conducted in Cayman, the Cayman Islands monetary Authority (CIMA) has laid down guidelines for the financial services industry on how firms may outsource key activities and regulatory functions. By introducing these rules, CIMA is seeking to protect the industry from exposure to greater risks […]
Cayman accountants organisation celebrates 45 years
(CNS Business): The Cayman Islands Society of Professional Accountants (CISPA) celebrated 45 years at its 8th annual gala celebration at the Ritz Carlton, Grand Cayman. In her address CISPA CEO Sheree Ebanks said the organisation had “submitted amendments to the Public Accountants Law that will reflect all our membership, not just public practice and to ensure […]
Oil price decline cuts import figures
(CNS): The value of imports into the Cayman Islands fell again in the second quarter of this year, recently released government statistics have revealed. The total value of all goods brought in CI$182.9 million, 9% lower than the value of goods this time last year, which had reached well over $200 million.
Cayman Airways to launch Brac-Cuba route
(CNS Business): The National Flag Carrier will be launching a new weekly flight to Cuba from Cayman Brac at the end of next month, the airline has announced. The new Cayman Airways Limited (CAL) service between the Sister Island and Holguin is the second Cayman to Cuba route and the first outbound international route launched […]
Insider trading one of FBI’s top 10 frauds
(CNS Business): “You cannot make money in a hedge fund unless you are insider trading,” a trader who was caught by the FBI once told Supervisory Special Agent David G. Nanz. Speaking about the FBI’s top 10 financial crime threats at a recent financial crime conference, Nanz said that it’s almost unheard of for the FBI […]
Airport begins search for builders
(CNS): The Cayman Islands Airports Authority has started the process to find a general contractor to undertake the renovation and expansion of Owen Roberts International Airport terminal. Airport officials said the first step is to prequalify general contractors for the second but main phase of the project. This contract will be for the terminal building, including approximately […]
Booze bill lifts current moratorium
(CNS): Government’s moratorium on new licences for businesses to sell alcohol will end with the passing of a new bill, which is expected to be debated in the Legislative Assembly this week. Government is bringing amendments to the liquor licensing law, which will also tie liquor licences to specific trade and business licences, allow more flexibility in […]
B&B hosts to face daily fines after amnesty
(CNS Business): Unlicensed property owners subletting guest rooms, apartments or houses to tourists have been given until the end of the year to comply with the licensing and fee regime before government begins issuing daily $100 fines, officials from the Hotel Licensing Board have said. An amnesty, which began on 1 October, will last until […]
Cayman trust law must evolve to stem flight to Bermuda
(CNS Business): Cayman trust practitioners have again highlighted their concerns over a “flight to Bermuda” in a key area of trust restructuring work, where they say statutory Cayman trust law has failed to evolve.
Recent comments