Finance
CIG hopeful of dodging EU’s latest blacklist
(CNS Business): Premier Alden McLaughlin and Financial Services Minister Tara Rivers lobbied EU officials last week in an effort to keep the Cayman Islands off the latest Brussels list of non-cooperative tax jurisdictions. During the visit to the European capital, the premier said, the delegation found that EU decision makers recognised Cayman’s commitment to tax […]
Cayman government hires new firm to lobby Washington
(CNS Business): The Cayman Islands Ministry of Financial Services Home Affairs has quietly hired Texas-based law firm Baker Botts to provide counselling and advocacy services in the US capital, according to an article in the marketing industry press, which was republished on the firm’s website. There has been no official release about the new contract locally […]
Former CIMA policy officer returns as deputy head
(CNS Business): The Cayman Islands Monetary Authority has welcomed back an old employee who, after more than two years in the private sector, has returned to the regulator as the deputy head of Policy and Development Division. Rayford Britton, a former chief policy officer at CIMA, returned to the authority last month to take up […]
Premier heads to Europe for more talks
(CNS Business): As pressure continue to mount from Europe regarding offshore financial services, Premier Alden McLaughlin is heading another group travelling to London and Brussels this week for more talks regarding the sector. Accompanying him are his back-bench councillor Austin Harris, political adviser Roy Tatum, Financial Services Minister Tara Rivers, Chief Officer Dax Basdeo, and […]
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 […]
Cayman still has work to do to satisfy OECD
(CNS Business): Authorities in the Cayman Islands dealing with the offshore sector still have work to do to satisfy the OECD, according to the latest peer review results by the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes. Cayman was rated “largely compliant” as opposed to compliant because of three areas […]
CIMA appoints new deputy head
(CNS Business): The Cayman Islands Monetary Authority (CIMA) last month named Shakira Cox Deputy Head of the Banking Supervision Division, responsible for providing support to the overall operation and management of the division, both on-site and off-site. CIMA Acting Managing Director Patrick Bodden said of the appointment, “With the recent expansion of the Banking Supervision […]
US fraudster used stolen cash for Cayman home
(CNS Business): A Kansas City man who admitted embezzling over US$6.5 million from his bosses also used some of his ill-gotten gains to buy a pricey beach house in the Cayman Islands using Cayman National Bank, according to a release from the US Attorney’s Office for the Western District of Missouri. Douglas Ferrell (34), who appeared […]
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.
Imports fall by 2% in 2017’s first quarter
(CNS Business): The total value of all goods imported into the Cayman Islands in the first quarter of 2017 was CI$207.8 million, a drop of some CI$4.3 million compared with the same period last year. Officials from the Economics and Statistics office said the decline was due to a 6.1% reduction in the total value of […]
Caymanian lawyer to run financial courts
(CNS Business): Janesha Simpson will be returning to public service on Monday following her appointment as Interim Senior Deputy Clerk of Courts and Registrar of the Financial Services Court. She joins the court from Maples and Calder, where she was an associate, but Simpson is also a former crown counsel with the Portfolio of Legal Affairs, […]
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 […]
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