Archive for December, 2015

Panton battles latest blacklist

Panton battles latest blacklist

| 24/12/2015 | 5 Comments
(CNS Business): Financial Services Minister Wayne Panton is still battling to get the Cayman Islands taken off the latest blacklist, maintaining that the inclusion of Cayman on the European blacklist of financial centres was completely inappropriate and misinformed. However, he said that stigma and [...]

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New T&B regime kicks off New Year

New T&B regime kicks off New Year

| 24/12/2015 | 5 Comments
(CNS Business): With the new trade and business licensing law coming into effect on New Year’s Day, local business owners will need to be up to speed on the amended legislation in order to avoid the increased fines. The goal of the law is to increase compliance rather than punish businesses bu [...]

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Investors ordered to pay back over $8M in fund saga

Investors ordered to pay back over $8M in fund saga

| 24/12/2015 | 1 Comment
(CNS Business): In the latest legal ruling in the Weavering Macro Fixed Income Fund saga, the Grand Court of the Cayman Islands has ordered that redemption payments made to an investor of the failed Weavering Macro Fixed Income Fund prior to the commencement of its liquidation are to be repaid, law [...]

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C&W bags regional business award

C&W bags regional business award

| 21/12/2015 | 5 Comments
(CNS Business): Local telecommunications firm Cable & Wireless has won a Company of the Year award based on its products and “outstanding customer service”, the firm said in a release. C&W Business, part of the C&W Communications group, has been recognized for the 2015 award by Fros [...]

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Cayman captures market share of captives

Cayman captures market share of captives

| 20/12/2015 | 0 Comments
(CNS Business): The Cayman Islands Monetary Authority revealed that Cayman’s market share in captives, despite greater competition among other domiciles is on the up. Speaking at the 23rd annual Cayman Captive Forum the regulator’s Deputy Managing Director of Operations, Patrick Bodden said tha [...]

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Caledonian makes ‘no fine’ secret deal with SEC

Caledonian makes ‘no fine’ secret deal with SEC

| 19/12/2015 | 25 Comments
(CNS Business): A confidential circular sent to the creditors of the Caledonian Bank Limited (CBL), which was brought down following an investigation by the US Securities and Exchange Commission (SEC), has revealed that despite the probe bringing the Cayman-based bank to its knees, there will be no [...]

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Cash remittance firm returns to CI$ transactions

Cash remittance firm returns to CI$ transactions

| 18/12/2015 | 3 Comments
(CNS Business): Following what were described as constructive discussions with the Cayman Islands Monetary Authority (CIMA) and Financial Services Minister Wayne Panton last week, JN Money Services is accepting local dollars once again. Leesa Kow, the company’s MD, said a new proposal has facilita [...]

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Cayman National to pay $5M in US tax evasion probe

Cayman National to pay $5M in US tax evasion probe

| 18/12/2015 | 29 Comments
(CNS Business): Cayman National Corporation is expecting to part with some $5 million in fines to the US authorities in relation to what the bank called “past wrongdoing” by two of its companies, Cayman National Securities and Cayman National Trust Company. In a report on the bank’s website [...]

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Tech city to be built in Fairbanks area

Tech city to be built in Fairbanks area

| 17/12/2015 | 3 Comments
(CNS Business): Well over four years after promising a campus to transform Cayman into a technological centre of excellence, the current management team of Cayman Enterprise City has settled on a site in the Fairbanks area of George Town for the tech zone’s actual campus. Since government passed a [...]

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CAL begins Brac-Cuba flights

CAL begins Brac-Cuba flights

| 14/12/2015 | 9 Comments
(CNS Business): Cayman Airways Limited (CAL) has launched the first international flight to and from Holguin, Cuba, and expanded its Miami service to Cayman Brac. The flight to the eastern end of the island nation is designed to complement the airline’s existing flights between Havana and Grand C [...]

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Central public register may be inevitable

Central public register may be inevitable

| 14/12/2015 | 1 Comment
(CNS Business): If public central registers become the global standard for access to beneficial ownership of commercial and financial entities then Cayman will inevitably have one as well, but the Cayman Islands will not go out on a limb and be the first, Financial Services Minister Wayne Panton has [...]

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UK enforcement agencies to visit Cayman

UK enforcement agencies to visit Cayman

| 14/12/2015 | 2 Comments
(CNS): The UK is expected to send law enforcement officials to Cayman in the New Year to enhance the current cooperation regime between this jurisdiction and the authorities in Britain regarding financial crime and money laundering. Financial Services Minister Wayne Panton said that experts are com [...]

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Cayman also plagued by growing global inequities

Cayman also plagued by growing global inequities

| 14/12/2015 | 1 Comment
(CNS Business): Despite global economic growth, inequality is worsening and the Cayman Islands is just as susceptible to the growing inequities in the world as the main onshore jurisdictions, according to Fidelity Group Chair Anwer Sunderji. “As the world’s rich get richer, the middle class is [...]

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Captives look for growth spots as soft market persists

Captives look for growth spots as soft market persists

| 14/12/2015 | 0 Comments
(CNS Business): As insurance and reinsurance rates have now declined for ten consecutive quarters, there can be no doubt about the depth of the soft market, which continues to constrain captive formation. This has left the industry looking towards new emerging markets for future growth opportunities [...]

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Old CDOs fall outside scope of CRS

Old CDOs fall outside scope of CRS

| 14/12/2015 | 0 Comments
(CNS Business): As Cayman implements the OECD’s Common Reporting Standards (CRS), compliance teams working in structured finance will have taken a collective sigh of relief last week, as “old and cold CDOs” were exempted from CRS reporting obligations. The Department for International Tax Comp [...]

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