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US fraudster used stolen cash for Cayman home

US fraudster used stolen cash for Cayman home

| 07/08/2017 | 10 Comments

(CNS Business): A Kansas City man who admitted embezzling over US$6.5 million from his bosses also used some of his ill-gotten gains to buy a pricey beach house in the Cayman Islands using Cayman National Bank, according to a release from the US Attorney’s Office for the Western District of [...]

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Rivers begins job as advocate for offshore sector

Rivers begins job as advocate for offshore sector

| 24/07/2017 | 2 Comments

(CNS Business): The new financial services minister began her work as a voice for Cayman’s offshore sector during the recent visit to the UK for the Brexit meetings with the overseas territories. Tara Rivers was also advocating for the financial services industry, which she now has respons [...]

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Imports fall by 2% in 2017’s first quarter

Imports fall by 2% in 2017’s first quarter

| 09/07/2017 | 1 Comment

(CNS Business): The total value of all goods imported into the Cayman Islands in the first quarter of 2017 was CI$207.8 million, a drop of some CI$4.3 million compared with the same period last year. Officials from the Economics and Statistics office said the decline was due to a 6.1% reduction [...]

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Caymanian lawyer to run  financial courts

Caymanian lawyer to run financial courts

| 09/07/2017 | 5 Comments

(CNS Business): Janesha Simpson will be returning to public service on Monday following her appointment as Interim Senior Deputy Clerk of Courts and Registrar of the Financial Services Court. She joins the court from Maples and Calder, where she was an associate, but Simpson is also a former cro [...]

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Cayman has more Brexit power than UK cities, claims mayor

Cayman has more Brexit power than UK cities, claims mayor

| 05/07/2017 | 0 Comments

(CNS Business): Andy Burnham, the mayor of the North West English city of Manchester, has said the Cayman Islands currently has more influence in the Brexit talks than the UK regions. In a speech to local government associations, Burnham raised the growing fear that the financial services sector [...]

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Beneficial owner access opens to UK

Beneficial owner access opens to UK

| 04/07/2017 | 0 Comments

(CNS Business): Legislation came into effect this weekend that will allow UK law enforcement authorities to access details of the beneficial owners of all financial entities registered in the Cayman Islands. Officials said the new technology-based system enhancement to the beneficial ownership r [...]

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Cayman finance offers backing to new government

Cayman finance offers backing to new government

| 05/06/2017 | 0 Comments

(CNS Business): The CEO of Cayman Finance, Jude Scott, has offered his backing to the new government and commended the premier, Alden McLaughlin. Congratulating all the successful candidates in a short statement, the boss of the body that promotes the offshore sector was clearly relieved that an [...]

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AG outlines four year AML/terrorist financing plan

AG outlines four year AML/terrorist financing plan

| 26/05/2017 | 0 Comments

(CNS Business): Following the shortcomings identified previously by the Financial Action Task Force (FATF) and in Cayman’s regulatory regime to address emerging threats and vulnerabilities in the financial sector, the attorney general said a strategy has been developed ahead of the next FATF re [...]

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Offshore attorney dies suddenly at GT home

Offshore attorney dies suddenly at GT home

| 17/05/2017 | 6 Comments

(CNS Business): Julian Black, the group director in Cayman for offshore firm Estera and a former partner with Appleby, died suddenly and unexpectedly Thursday at his George Town home. In a statement from the firm, Black (48) was described as one of Cayman’s leading corporate finance lawyers. [...]

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Two new faces for financial court bench

Two new faces for financial court bench

| 02/05/2017 | 0 Comments

(CNS Business): The Chief Justice of Bermuda, Ian Kawaley, and Raj Parker have been appointed as judges in the Grand Court’s Financial Services Division following an open recruitment process earlier this year, where the posts were advertised locally and overseas. Both men were sworn in on [...]

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Work still needed ahead of task force review

Work still needed ahead of task force review

| 01/05/2017 | 1 Comment

(CNS Business): A summary of a National Risk Assessment that began in 2014 has been released to the public two years after it was finished, ahead of Cayman’s fourth round of Mutual Evaluation by the Caribbean Financial Action Task Force (CFATF) at the end of the year. The assessment found a cat [...]

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CIMA begins to create online payment system

CIMA begins to create online payment system

| 12/04/2017 | 0 Comments

(CNS Business): As government inches its ways towards providing more online or e-services, the Cayman Islands Monetary Authority (CIMA) has announced the launch of what will, in a few months, be a fee payment section of the Regulatory Enhanced Electronic Forms Submission (REEFS) system for author [...]

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Cayman faces critics head-on at tax conference

Cayman faces critics head-on at tax conference

| 10/04/2017 | 0 Comments

(CNS Business): The financial services ministry brought together some of the jurisdiction’s major critics at a conference last week on the issue of tax transparency. Minister Wayne Panton and his team stressed the importance of engaging with the critics of Cayman’s financial service sect [...]

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Cayman retains Moody’s credit ratings

Cayman retains Moody’s credit ratings

| 27/03/2017 | 1 Comment

(CNS Business): The Cayman Islands has kept its international credit rating from Moody’s of Aa3 for its government’s bonds issued in a foreign currency, and an Aa2 rating for long-term foreign currency ceiling bonds and notes. Finance Minister Marco Archer said the rating and stable outlo [...]

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Finance sector is important to all, says Scott

Finance sector is important to all, says Scott

| 28/03/2017 | 0 Comments

(CNS Business): Jude Scott, the CEO of Cayman Finance, said that the offshore financial services sector is important to everyone in Cayman and not just those making a direct living from it. In an effort to win the hearts and minds of the local communit [...]

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