Archive for April, 2016
CAL to begin phased replacement of fleet
(CNS Business): Government has confirmed its approval of plans by Cayman Airways Limited (CAL) to begin phasing in a brand new fleet of modern aircraft to meet the expected growth in tourism. The national flag carrier is about to begin the tendering process to lease four new 737-8Max aircraft to replace its aging fleet. Despite […]
Corbyn queries Cayman’s celebration over UK deal
(CNS Business): The fact that the Cayman Islands has welcomed the recent agreement with the UK over how it will share beneficial ownership details with British law enforcement and tax authorities was used against Prime Minister David Cameron this week by the opposition leader in the British parliament. Labour party leader Jeremy Corbyn pointed to […]
The case for offshore
Richard Hay writes: Eye-popping revelations in the Panama Papers have fanned concerns that the so-called “tax havens” lie at the centre of a giant web of criminal conduct. Some, including UK Leader of the Opposition Jeremy Corbyn, have demanded that these centres be “shut down”, and so disconnected from the global grid. The uproar invites […]
Industry body embraces new BO regime
(CNS Business): Cayman Finance, the association representing the local financial services sector, has offered its support to government’s deal with the UK over an enhanced regime for sharing information about the real owners of offshore financial entities. Cayman Finance CEO Jude Scott said they had worked in collaboration with government to bring expertise to the […]
UK-Cayman sign deal on beneficial ownership
(CNS Business): After almost three years of talks, the UK and Cayman governments have signed a deal on the framework outlining how the information on the beneficial owners of offshore entities will be given to the British authorities. For now, Cayman has avoided the need for a public central register and has persuaded the UK […]
Experts warn of fallout from Panama Papers
(CNS Business): Cayman may not have been named yet in the Panama Papers, but the scandal is only just beginning and with many more documents yet to be analysed and released in May, there are no guarantees that the jurisdiction will escape unscathed. But even if it does, the impact of the papers could still […]
UK territories defended in Panama Papers leak
(CNS Business): Offshore lawyer Antony Travers, a past Chairman of the Board of Cayman Finance, has added his voice to the growing response to the Panama Papers scandal that the Cayman Islands should not be tarred with the same brush as the Central American jurisdiction. The IFC Forum, an international body representing the offshore sector in […]
Five Mile Capital to sell Ritz
(CNS): The company which bought the Ritz-Carlton, Grand Cayman from the developer Micheal Ryan in 2012 is planning to sell the five-star resort. Five Mile Capital Partners LLC has decided to list the 356-room hotel and 136-acre property, and according to local real estate brokers, it is in the early stages of marketing the five-star […]
Flow re-route traffic to tackle email trouble
(CNS Business): Local telecommunication firm Flow has stated that recent email problems for their customers using the long-standing candw.ky email address should have been resolved after the firm re-routed the electronic communication following difficulties in their Miami connection. CNS Business received a number of complaints from readers that emails were frozen, including small businesses who said […]
Golden Spoons Review: Grand Old House
(CNS Foodie): Before I get going on the review for Grand Old House, I have a confession to make. I’ve neglected even considering GOH as a dinner option for years. After looking at their dinner menu online, I remember thinking how boring and mundane it was. Here we are three years later, and my partner […]
Golden Spoons Review: Calypso Grill
(CNS Foodie): When I go out to eat, I’m super critical. But let’s face it, serving is not rocket science; a good personality will get you a long way, and if you have common sense, you’re in the money. Add a little time management skills and you have the perfect dining experience. Well tonight I […]
Call for direct rule ‘absurd’, says Panton
(CNS Business): Cayman’s financial services minister has dismissed as absurd the suggestion by the UK Leader of the Opposition, Jeremy Corbyn, that the British government should consider imposing direct rule on its overseas territories and dependencies if they do not comply with UK tax law. Corbyn was reacting to a massive leak from Panamanian law firm Mossack Fonseca, which […]
Cayman part of the solution, not the problem
(CNS): The Cayman Islands financial services industry continues to play a leadership role on international regulatory issues and for setting global standards to fight financial crime, according to Cayman Finance CEO Jude Scott. “Financial crime is a serious global problem that requires a unified legal, social and law enforcement response,” he said. “One of the […]
Cayman still hopeful it can avoid central register
(CNS): Senior UK officials who visited the Cayman Islands in February to discuss the issue of beneficial ownership reiterated Britain’s position that it could impose its preferred approach on the islands, which is an open central register, through legal means, the Financial Services Ministry stated in a release. However, even after the damning revelations in […]
Cayman’s compliance vastly superior to Panama’s
(CNS Business): The biggest tax leak in history, which revealed how a law firm in Panama helped thousands of people, including a number of world leaders, evade tax and hide money offshore, has up ramped calls for the UK government to increase the pressure on the British overseas territories (BOTs), including the Cayman Islands, to […]
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