Finance
Cash transfer services hang in balance
(CNS Business): The future of money transfer businesses in the Cayman Islands is up for debate. Government leaders said when it comes to these types of services, in some instances the risks out weigh the rewards. US correspondent banks have pulled out of the “bulk cash business” and Cayman National Bank, which facilitates the remaining […]
OTs still face UK demands for beneficial ownership access
(CNS): The Cayman Islands premier has said that Britain will be putting its overseas territories under pressure to create some kind of beneficial ownership register when the OT leaders meet in London later this year. Speaking in Bermuda at the end of last week following a meeting with the leaders of other OTs, Alden McLaughlin said that even though the […]
Islamic finance on the rise in Cayman
(CNS Business): Islamic finance is growing beyond traditional borders to encompass new markets worldwide and continues to make steady inroads in the European and US markets. The Cayman Islands has also become a hub for this type of fund.
Cayman gears up for AI summit
(CNS Business): The fourth annual Cayman Alternative Investment Summit, an internationally recognized event, will bring together the world’s leading institutional investors and it expected to attract more than 500 prominent executives and hedge fund managers next year.
Bank shuts down money transfer business
(CNS Business): Fidelity Bank leaders said that due to “economic times and risks” they have officially closed the doors to their money transfer service, Western Union, throughout the Cayman Islands. The Board of Directors of Fidelity Bank & Trust International Limited (FBT) and its subsidiary boards have announced that they will no longer offer Western Union […]
GDP jumps over 2% as inflation falls 0.4%
(CNS) The drop in fuel prices saw inflation fall in Cayman last year and the biggest upturn in the economy since 2007 led to a growth in the country’s estimated Gross Domestic Product (GDP) by 2.1 per cent in 2014. Although the quantity of imports rose in 2014, the value fell by more than $26 […]
Dan Scott steps down from Cayman Finance board
(CNS Business): After five years of service on the Cayman Finance Board of Directors, Dan Scott, regional managing partner for Ernst & Young, is stepping down, citing growing commitments at EY, where he is responsible for the firm’s operations in the Bahamas, Bermuda, British Virgin Islands and in the Cayman Islands.
Appleby sells fiduciary business
(CNS Business): Offshore trust giant, Appleby, has announced a management buyout of its fiduciary business, AFB, which includes the corporate administration, trust administration and fund services businesses. The deal, for an undisclosed sum, is backed by private equity firm Bridgepoint.
Cayman to introduce new opt-in AIFMD Regime
(CNS Business:) The Cayman Islands Government is setting up new regimes that will allow managers to opt-in to reporting consistent with the European AIFMD requirements. On Friday two draft bills were published which make certain amendments to the Mutual Funds Law (MFL) and Securities Investment Business Law (SIBL).
Cayman gears up for Common Reporting Standard
(CNS Business): It’s time for another round of international tax cooperation in the Cayman Islands, and now government leaders are turning their attention to what comes next, implementing the OECD’s Common Reporting Standard (CRS). The Cayman Islands Department for International Tax Compliance (DITC) has noticed local financial institutions of the next step and said the […]
CIMA fills deputy spots in key divisions
(CNS Business): Cayman’s offshore regulator has filled two of its vacant senior posts with the appointment of deputies heads of departments. The Cayman Islands Monetary Authority (CIMA) said Razaak ‘Raz’ Busari had been appointed as deputy Head of Insurance Supervision Division last month while Caymanian Garth Ebanks was appointed as Deputy Head of Investments and […]
Walkers announces two new hires for Cayman office
(CNS Business): Attorneys Stuart Rowe and Brett Basdeo have joined the Cayman Islands office of offshore law firm Walkers. Basdeo, who previously worked for rival firm Maples and Calder, joins Walkers as an Associate in its Insolvency & Dispute Resolution team. Rowe, formerly an Associate at Solomon Harris, joins Walkers as Senior Counsel to head Walkers’ real estate group.
EU’s newest list not a ‘blacklist’
(CNS Business): According to the OECD, the EU Commission has confirmed that they have not yet decided which countries should be included on a new blacklist of non-cooperative tax jurisdictions and the list that they released on 17 June was “based on Member States’ independent national lists”. In an email the OECD said, “It is very […]
Banks from Cayman to Switzerland caught up in FIFA scandal
(CNS Business): The Cayman branch of Fidelity is just one of many banks around the world that have now been caught up in the various FIFA corruption investigations, calling the already distrusted global banking system into question. Citibank, First Caribbean and HSBC are just some named in the US indictment outlining the corruption case against a number of […]
Don Seymour featured in Wall Street book
(CNS Business): Founder and Managing Director of DMS Offshore Investment Services Ltd, Don Seymour, made the list as one of 50 leading Wall Street financiers and academics in the recently published book, Transforming Wall Street: A Conscious Path for a New Future. Seymour is well known for his creation of the Investment Services Division of […]
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