Archive for October, 2015
Threats revealed to Cayman’s AML regime
(CNS Business): Government faces some serious challenges over the next 18 months to update the regulatory regime that protects the country’s financial service sector ahead of a task force inspection in March 2017. Francis Arana, head of the Anti-Money Laundering Unit in the Attorney General’s Chambers, who is coordinating the Cayman Islands’ National Risk Assessment (NRA), […]
Offshore banks face challenges with local banking
(CNS Business): The problem of local retail banks no longer wanting to do business with money transfer firms as a result of perceived regulatory risks is also beginning to impact offshore, or Class B, banks registered in the Cayman Islands, the premier has revealed. Following widely reported concerns over the last few weeks regarding expatriate […]
CIMPA Marketing Conference focuses on innovation
(CNS): Over 100 marketing and communication professionals are expected to attend the third Annual CIMPA Marketing Conference on Tuesday 13 October, hosted and organized by the Cayman Islands Marketing Professionals Association (CIMPA), with the theme, “The Art of Innovation”. Speakers will include both local and international industry experts in a number of marketing related fields, such […]
Insurance firm lays off local workers
(CNS Business): Despite upbeat press statements recently about the success of the captive insurance business in the Cayman Islands, one firm has laid off a number of local workers. Sources tell CNS that around four Caymanians have been made redundant from the local office of Marsh, but the firm is offering no details of the […]
Tourism stands firm on B&B restrictions
(CNS Business): The Cayman Islands appear to have no plans to relax the licensing, inspection or tax rules for local people offering bed and breakfast accommodation to visitors in their own homes. In a short statement, Department of Tourism officials told CNS Business, “The Cayman Islands Tourism Law is applied to all business accommodations that rent short term. […]
Digicel ditches plans for shares sale
(CNS Business): Regional telecommunications provider Digicel has ditched its plans for an international public offering of its shares, the firm said Tuesday, despite what it claimed had been “significant support … from a high quality group of investors during the marketing period”. Digicel said that current conditions, particularly in emerging markets, had impacted transaction momentum over […]
$51B of US corporate profit held in Cayman, says report
(CNS Business): The latest report on the use of tax havens making headlines around the world claims that $51 billion of corporate profits for Fortune 500 companies made in 2014 is held in the Cayman Islands. Describing Ugland House in George Town as a symbol of the “excesses of the world of corporate tax havens”, the […]
Chamber leader accuses CIG of appeasing minorities
(CNS Business): The Labour Relations bill is an example of legislation drafted to appease the concerns of a small minority and not the fix needed to grow the economy, the Chamber of Commerce president said in his address at the Legislative Lunch last week. Barry Bodden made it clear that the Chamber does not support […]
Legislative amendments establish AIFMD opt-in framework
(CNS Business): Some key amendments to financial services legislation have taken the Cayman Islands a step further towards participating in the EU’s Alternative Investment Fund Managers Directive (AIFMD), while Cayman awaits confirmation from European regulators that it will receive its AIFMD passport for full future access to the EU market.
UK continues to press for beneficial ownership registry
(ukukCNS): The British Prime Minister has stated that not enough is being done to tackle tax evasion by the UK’s overseas territories. Speaking during a trade mission to Jamaica, David Cameron said he is not happy with the way some British overseas territories are resisting financial transparency, signalling a new wave of pressure ahead on Cayman […]
CWC squeezes out LIME and goes with the Flow
(CNS): The regional telecommunications company Cable & Wireless Communications (CWC) began is retail rebrand in Cayman Thursday, saying goodbye to LIME and introducing Flow. This is the third jurisdiction where the rebrand has taken place but it is the first where the Flow brand is not already in the market. Flow was once the retail arm of […]
Recent comments