Archive for December 14th, 2015
CAL begins Brac-Cuba flights
(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 Cayman, and the airline expects some Havana passengers, many […]
Central public register may be inevitable
(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 said. Cayman is now examining a […]
UK enforcement agencies to visit Cayman
(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 coming at Cayman’s invitation to “improve on the collaboration” on global financial […]
Cayman also plagued by growing global inequities
(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 struggling; the top 1% of the population receives a quarter […]
Captives look for growth spots as soft market persists
(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, as well as bringing new, non-traditional risks into captives, […]
Old CDOs fall outside scope of CRS
(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 Competition (DITC) also announced the 95 jurisdictions that will participate with Cayman […]
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