Finance
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 […]
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 […]
De-risking threatens US dollar access for Cayman Banks
(CNS Business): De-risking by US banks, which left the overseas money transfer services firms unable to operate in Cayman for some time last year, still threatens to cause a much bigger crisis for the financial services industry, with the practice of closing bank accounts deemed to be too risky focused on Cayman banks that could […]
‘The Donald’ to undergo psych and cash review by watchdog
(CNS Business): Donald Trump, the controversial Republican presidential candidate who may well secure the party’s nomination, will be undergoing detailed scrutiny at the 14th Annual OffshoreAlert Conference in May. The watchdog has announced that the state of Trump’s psychological makeup and his billionaire status will be examined at the upcoming Miami conference.
ESO to begin upgraded business surveys
(CNS Business): The Economics and Statistics Office will be starting the annual business surveys next Monday, collecting information to measure the economic performance of the Cayman Islands as a whole and all the individual sectors in 2015. Together, the System of National Accounts (SNA) and the Balance of Payments (BOP) surveys allow officials to gather […]
Cayman fund manager to capitalise on global food shortage
(CNS Business): A new hedge fund which aims to capitalise on demand for environmentally sustainable food is being launched and managed from the Cayman Islands next week. Prairie Wind Advisors, which was established in Cayman Enterprise City (CEC) last year, will bring its Harvest One Fund to market to invest in companies looking to solve […]
Bermuda funds on fast track as cost creep clouds Cayman
(CNS Business): Bermuda’s new low-cost, fast track regime for hedge funds is gaining traction, while frustration builds over the growing cost and regulation associated with a Cayman launch. Although the numbers involved are quite modest, industry insiders remain concerned that cost and regulatory creep in Cayman could lead to a tipping point where the conversation […]
Cayman deals equal 25% of all offshore merger business
(CNS): Merger and acquisition deals reached a five-year high in the Cayman Islands last year, according to offshore law firm, Appleby, which said business in Cayman accounted for around one third of the deal volume and over a quarter of the deal value for the entire offshore region. The total cumulative value of offshore M&A deals […]
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