Finance
Old CDOs fall outside scope of CRS
(CNS Business): As Cayman implements the OECD’s Common Reporting Standards (CRS), compliance teams working in structured finance will have taken a collective sigh of relief last week, as “old and cold CDOs” were exempted from CRS reporting obligations. The Department for International Tax Competition (DITC) also announced the 95 jurisdictions that will participate with Cayman […]
Cash transfer firm blames local banks for business woes
(CNS Business): The chair of a Cayman-based Jamaican cash transfer company has made it clear that he believes the banks are to blame for the problems his firm and its affiliates are facing, as he encouraged customers of those banks who also use remittance services to raise their concerns and even implied they should boycott […]
Captive industry still awaits CIMA figurehead
(CNS Business): As CIMA updated delegates at the Cayman Captive Forum on its licensing activity and regulatory developments, it was unable to provide the update that many international clients have been waiting for, which is a new head of insurance supervision. Morag Nicol has been acting head of insurance since April 2014 in what was […]
Mac’s lawyers merge with BVI firm
(CNS): Cayman Islands-based law firm, Travers Thorp Alberga, which successfully represented the opposition leader in his corruption trial and which is currently dealing with his civil suit against government and defending him in a writ filed by the premier, has merged with the British Virgin Islands-based Orion Law, owned by two BVI politicians.
Robertson takes top job at Maples
(CNS Business): Following bi-annual elections at the offshore law firm and financial services company, the Maples Group, for its management team, Alasdair Robertson is the new Global Managing Partner but will continue to serve as MaplesFS Chairman as well. After six years as head of the international firm, Henry Smith stepped down on 30 November, […]
Secrecy in BOTs fuelling corruption, says report
(CNS Business): A new report released by a coalition of NGOs, including Transparency International UK, has described some of the British overseas territories (BOTs) as “some of the most notorious purveyors of financial secrecy”, despite promises about more transparency. The authors say a World Bank study found that BOTs are the most popular jurisdictions for the corrupt to incorporate a […]
Money transfer business creeps back to Cayman
(CNS): The return of Western Union money transfer services, which will once again offer local currency transfers, was made possible by the Cayman-based Scotiabank, which said it was willing to offer banking services to the firm’s partner, Grace Kennedy, a money transfer company it had worked with for decades, because it was comfortable with its compliance […]
UK wants direct access to Cayman company info
(CNS): The UK’s overseas territories minister has told the Cayman Islands premier that the British government wants direct access to companies registered here for all of their law enforcement agencies, but the Cayman leader has so far refused. As the dispute between the UK and its territories continues, the return of James Duddridge to the OT desk […]
Cayman Finance calls for more public cash to protect industry
(CNS Business): The promotion and protection of Cayman’s financial services industry is badly underfunded, according to the head of Cayman Finance. Speaking last week at the inaugural Members Briefing of the industry’s private sector umbrella organisation, Jude Scott, its CEO, said the local FS industry was in urgent need of proper funding by government to ensure it was able […]
Western Union reopens at Fosters
(CNS Business): The money transfer service firm Western Union has reopened for business at Foster’s Food Fair airport branch, the financial services minister has confirmed. Wayne Panton told CNS Business that as of 9am Tuesday morning, the service was back in business as a result of a new partnership and Fosters would be the agent […]
CIMA under fire in Caledonian saga
(CNS Business): The Cayman Islands Monetary Authority (CIMA) is in the firing line for failing to support Caledonian, as the fallout from the bank’s collapse continues. Published court documents showed there was no need for the freezing order on its US assets, which ultimately led to Caledonian’s insolvency. Questions are also being asked about Caledonian’s […]
Cayman Captive Forum targets generational advantage
(CNS Business): Generational Kinetics, the study of how generational behavior and trends will influence future society and business, takes top billing at the 2015 Cayman Captive Forum, the biggest conference of the year on Island. Over 1,500, mostly international delegates, attended last year’s Forum, and organisers expect even more this year. “Our registrations are up […]
Duddridge to press for open register
(CNS): As the Cayman Islands premier and other leaders of British overseas territories (BOTs) continue to resist the concept of an open beneficial ownership registry to meet the UK’s demands for more transparency regarding the offshore sector, the FCO minister with responsibility for BOTs has said he will be pressing for a commitment to transparency at this […]
Caledonian’s demise was SEC blunder
(CNS Business): A federal judge has said that the US Securities and Exchange Commission (SEC) got it very wrong when it issued an order earlier this year that froze more than $88 million in assets belonging to two financial institutions suspected of securities fraud that led to the collapse of Caledonian Bank in Grand Cayman. Although […]
Appleby shuts London office after MBO Review
(CNS Business): Law firm Appleby has closed its London office, breaking its link with the City, in the wake of the management buyout (MBO) of its trust and fiduciary business. For offshore law firms, keeping an office in the Square Mile is a matter of some prestige and most of the major firms do so, […]
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