Finance
FSD judge to commute to work in Cayman
(CNS Business): A non-resident judge has begun sitting in the financial services division of the Cayman Islands Grand Court but he will be presiding over cases by commuting and through video link and conference calls as he lives in the UK. Justice Nigel Clifford QC, a former Cayman resident, was a leading attorney in the […]
Cayman’s tax exchange portal ready to run
(CNS Business): After months of preparation, the exchange of tax information from the Cayman Islands to other jurisdictions will become more efficient with the launch of a new online system. The Automatic Exchange of Information (AEOI) Portal will be launched this month and will be used by Cayman’s financial institutions to comply with their reporting obligations under intergovernmental […]
There’s no hiding from Uncle Sam
(CNS Business): Even if you’re living in the Cayman Islands, the US tax authorities can come knocking on your door if you are not in compliance with the Foreign Account Tax Compliance Act (FATCA), US taxpayers residing in the Cayman Islands learned at a free seminar on Wednesday at the Caribbean Club. The free informational meeting, […]
Cayman voted best hedge fund services jurisdiction
(CNS Business): Minister of Financial Services Wayne Panton said the Cayman Islands is now the preferred place for doing business, after being voted the Best Hedge Fund Services Jurisdiction at the 2015 Hedge Global Awards in London.
FirstCaribbean reports improved quarterly results
(CNS Business): CIBC FirstCaribbean is reporting a net income of $26.6 million for the three months ended 31 January 2015, its best quarterly financial performance in four years. However, the bank also says it had a decrease in total revenue of $7.3 million year-over-year. Commenting on the quarterly results, Rik Parkhill, CEO for CIBC FirstCaribbean, stated […]
Seminar to help US tax payers
(CNS Business): A free seminar designed to help US taxpayers residing in the Cayman Islands will be held on 11 March. This informational meeting called, “Navigating US Tax Requirements and Strategic Methods of Coming into Complianceâ€, will explain the most recent US tax filing and reporting requirements under FATCA, as well as how to report […]
CIMA denies getting Caledonian owners wrong
(CNS): The local regulator has stated that it is “well aware of the various parties in the ownership structure of the Caledonian group”, refuting claims by the Miami-based watchdog, OffshoreAlert, that CIMA had named the wrong beneficial owner in the liquidation petition. Meanwhile, liquidators are looking for a buyer for the bank which was brought […]
Cayman Finance hosts successful New York event
(CNS Business): Cayman Finance hosted another successful New York Breakfast Briefing at the Harvard Club of New Your City. This was the second time the organisation hosted the event, but it was the first time since the appointment of new CEO, Jude Scott.
Cayman leads offshore deal activity in 2014
(CNS Business): The Cayman Islands has remained the top target destination for offshore dealmaking throughout 2014, according to a report released by offshore law firm Appleby. The reported showed that the final three months of the year accounted for a quarter of all deals.
Retail bank cutting local jobs
(CNS Business): Workers at the Airport branch of Scotiabank have become the latest victims in the financial services sector to face job losses. Officials from the bank said the branch is being closed in order to consolidate it with the new office in South Sound. As a result there will be job cuts but the […]
Caledonian in liquidation as CIMA revokes licences
(CNS Business): Controllers appointed by CIMA to oversee the affairs at the beleaguered Caledonian Bank and Caledonian Securities have been officially named by the local regulator as the joint official liquidators. Following the controllers’ interim report, the Cayman Islands Monetary Authority has revoked the licences and petitioned the Grand Court to wind up the bank.
Butterfield introduces first chip and PIN cards to Cayman
(CNS Business): Butterfield Bank has become the first high street bank in Cayman to introduce chip and PIN credit cards. Although the cards which have a higher level of security have been in use in common use in Europe and the US for over a decade, none of the local banks have issued them to […]
Widening inequality gap will hurt CI economy
(CNS Business): The gap between the “haves†and the “have-notsâ€, which is squeezing out the middle classes, combined with technologies that are cutting white-collar jobs could soon have detrimental impact on the Cayman Islands economy. Speaking at the recent Fidelity CEO conference, Anwer Sunderji said “global wealth has become dramatically unequally†and the gap is widening.
HSBC whistleblower to appear at watchdog conference
(CNS business): Hervé Falciani, the man responsible for exposing the financial shenanigans at HSBC, has agreed to speak at this year’s OffshoreAlert, conference organisers have said. Falciani took reams of documents from HSBC Switzerland when he left seven years ago but they were only released into the public domain recently. The information fuelled a barrage of media […]
Viewpoint: Uncle Sam’s Stronger Arm
Commentary by 101:Â For years those with an inkling of interest in how the global monetary system works have bemoaned the fact that the US wields far too much power because it is the clearing house for US dollars. Banks from all corners of the world have accounts at US correspondent banks so they can move […]
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