Financial Services
DMS hails proposed changes to fund governance industry
(CNS Business): A Cayman Islands based firm has welcomed proposed changes to the governance of UK Authorised Fund Managers (AFMs). DMS Governance hailed the proposed changes, which were published in response to a Financial Conduct Authority report that highlighted a number of concerns with the governance of AFMs.
Emergency measures grant evacuees the right to work
(CNS Business): The Cayman Islands Government is waiving normal procedures for temporary work permits for workers in the financial services industry who have evacuated to this jurisdiction from islands devastated by hurricanes Irma or Maria. “For those who say we should not be doing this, last week it’s them, next week it may be us,” […]
Cayman tops Banker magazine’s global survey
(CNS Business): The Cayman Islands has been named the world’s number one specialised financial centre in The Banker magazine’s 2017 survey, marking the ninth consecutive year earning the top spot in the global survey. Jude Scott, CEO of Cayman Finance, said the Cayman Islands has long been regarded as the world’s premier international financial centre […]
Rivers begins job as advocate for offshore sector
(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 responsibility for in the new coalition government.
Cayman has more Brexit power than UK cities, claims mayor
(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 is likely to play a dominant part […]
Beneficial owner access opens to UK
(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 regime will allow those with legitimate rights or reasons to have access to do […]
Cayman finance offers backing to new government
(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 agreement had been reached following a week of […]
AG outlines four year AML/terrorist financing plan
(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 review. In a short statement the government’s chief lawyer, Samuel Bulgin said […]
Offshore attorney dies suddenly at GT home
(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. “Julian was a respected colleague and friend to […]
Two new faces for financial court bench
(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 13 April by Cayman Islands Governor Helen Kilpatrick.
CIMA begins to create online payment system
(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 authorised financial services industry users. Officials said the payment section […]
Cayman faces critics head-on at tax conference
(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 sector and the issues of transparency when they invited representatives from long-standing […]
Finance sector is important to all, says Scott
(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 community at a time when the industry continues to come under […]
UK crime law will impact CI financial sector
(CNS Business): A new piece of legislation currently being steered through the UK parliament could have a significant impact on the Cayman Islands. The Criminal Finances Bill, which once passed will amend the Proceeds of Crime Act, is focused on dealing with terrorist financing but it also creates corporate offences for cases where people associated […]
Premier updates Baroness on beneficial ownership register
(CNS Business): Premier Alden McLaughlin and Attorney General Sam Bulgin met with the UK’s minister responsible for its overseas territories, Baroness Anelay, Monday afternoon to update her on Cayman’s progress on the implementation of legislation underpinning the non-public searchable register for the enhanced exchange of beneficial ownership information with British law enforcement authorities, a release […]
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