Finance
Governor struggles to explain offshore sector
(CNS Business): Quizzed over what the Cayman Islands and its offshore sector means to the people of Britain, the governor struggled to answer Jacques Peretti in the documentary aired on the BBC in the UK on Friday evening. “Britain’s Trillion Pound Island”, in which the producer and filmmaker tried to understand how the financial services industry […]
BBC documentary set to scandalize Cayman
(CNS Business): A new BBC documentary on the Cayman Islands due to air in the UK on Friday is likely to scandalize the jurisdiction once again. Despite efforts by the Cayman Islands to shake off the tax haven label, the programme by Jacques Peretti will be focusing on the UK territory as a “notorious tax haven” and what […]
Cayman copies Delaware for limited liability law
(CNS Business): Cayman has taken the blueprint from Delaware for the introduction of its new Limited Liability Company (LLC) legislation. Combining the key features of a company and a partnership, when the new LLC vehicle becomes law, it will increase the structuring options for investment funds, meeting demand from US fund sponsors and promoters for […]
Tax havens blamed in global inequity crisis
(CNS Business): Just 62 people hold the same amount of wealth as the poorest half of the entire world population combined, a new Oxfam report published Monday has revealed. The global charity said runaway inequality has seen the wealth of the richest 62 people, mostly men, increase by more than half a trillion dollars to $1.76tr. […]
O’Dea retires from bank’s top job
(CNS): After more than 26 years at Butterfield Bank (Cayman) Ltd and over 19 as the managing director, Conor O’Dea is retiring from his executive roles at the bank in April this year. He will then become the non-executive chairman of the board, according to a release from the bank. Sophia Harris will be stepping down to make way […]
Clinton takes aim at Cayman on campaign trail
(CNS Business): Democratic presidential hopeful Hillary Clinton has said that the US government must “go after” tax avoidance schemes that route “income through the Bahamas or the Cayman Islands”, even though she and her husband, Bill Clinton, have both received income from companies doing business here.
Law firm splits from financial arm in buyout
(CNS Business): A management buyout of Appleby Fiduciary Business (AFB) by the private equity firm, Bridgepoint, at the end of 2015 has split the financial branch from the Appleby Group, creating two independent businesses. Farah Ballands, who will lead the AFB team as chief executive officer, said the deal was down to the growth of […]
Panton battles latest blacklist
(CNS Business): Financial Services Minister Wayne Panton is still battling to get the Cayman Islands taken off the latest blacklist, maintaining that the inclusion of Cayman on the European blacklist of financial centres was completely inappropriate and misinformed. However, he said that stigma and the position taken by some nations on tax competition made the battle […]
Caledonian makes ‘no fine’ secret deal with SEC
(CNS Business): A confidential circular sent to the creditors of the Caledonian Bank Limited (CBL), which was brought down following an investigation by the US Securities and Exchange Commission (SEC), has revealed that despite the probe bringing the Cayman-based bank to its knees, there will be no fines levied against the institution over the alleged […]
Cash remittance firm returns to CI$ transactions
(CNS Business): Following what were described as constructive discussions with the Cayman Islands Monetary Authority (CIMA) and Financial Services Minister Wayne Panton last week, JN Money Services is accepting local dollars once again. Leesa Kow, the company’s MD, said a new proposal has facilitated JNMS and other similar companies to accept Cayman Islands dollars again […]
Cayman National to pay $5M in US tax evasion probe
(CNS Business): Cayman National Corporation is expecting to part with some $5 million in fines to the US authorities in relation to what the bank called “past wrongdoing” by two of its companies, Cayman National Securities and Cayman National Trust Company. In a report on the bank’s website covering its fourth quarter report for 2015, CNC revealed that […]
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, […]
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