Finance
Expert voted onto Chamber pension board
(CNS Business): Chamber of Commerce Pension Plan members working in the Professional & Finance sectors have elected volunteer Trustee, William (Bill) Gammerdinger to represent them on the board following an extraordinary general meeting recently. A treasury and finance professional, he has over 30 years’ experience in the industry, having become Vice President and Treasurer of […]
Swiss Bank exits FATCA programme
(CNS Business): Barclays Bank’s Swiss operations is ending its cooperation with the Internal Revenue Service’s efforts to prevent investors from investing money in foreign countries with more amenable tax structures and policies. During a Zurich speech, Barclays bank executive Francesco Grosoli announced that the firm’s Swiss operations had “recently exited the programâ€, after evaluating its legal […]
Former COO at C&W takes on e-gov challenge
(CNS Business): The Cabinet office has appointed Ian Tibbetts to take on the task of dragging the Cayman Islands Government into the 21st century and help it provide many more services via the internet. A former chief operating officer with Cable and Wireless with extensive communications experience, the new director of e-government has been given the challenge of getting […]
Cayman says no to public access to ownership
(CNS Business): The Cayman government, along with other affected British territories, has refused to introduce a centralised beneficial ownership register with public access. Premier Alden McLaughlin said Monday that he and Financial Services Minister Wayne Panton, with the support of other territory leaders, stood firm last week in London when on the last day of […]
Cayman lawyers make IFC Power Women Top 200
(CNS Business): Two of Walkers’ Cayman Islands attorneys have been recognised by UK wealth management publication Citywealth in its 2014 IFC Power Women Top 200. Global managing partner Ingrid Pierce and senior counsel Monique Bhullar were both named in this exclusive list, which celebrates powerful women of achievement. It highlights women who are opinion formers, […]
Butterfield ‘Bank of the Year’ in Bermuda and Cayman
(CNS Business):  International banking industry publication, The Banker, has named The Bank of N.T. Butterfield & Son Limited and Butterfield Bank (Cayman) Limited the recipients of its Bank of the Year 2014 Awards in Bermuda and the Cayman Islands. This is the second consecutive year that Butterfield has been named “Bank of the Year†in […]
Cybersecurity future focus for fund managers
(CNS Business): Cloud computing and cybersecurity have become major concerns across the hedge fund industry for regulators as well as investors, according to EY’s 2014 global hedge fund and investor survey: Shifting strategies: winning investor assets in a competitive landscape. Of all managers surveyed, 85% said that security concerns are the main impediment in using […]
Latest G20 summit holds no surprises for Cayman
(CNS Business): Following the G20 summit in Brisbane last week questions remain over how much the latest talks on global tax transparency will impact Cayman and other offshore jurisdictions. Despite the bluster from international politicians in the build-up to the summit over clamping down on multinational corporate tax dodging, illicit cash flows and jurisdictions that […]
Cayman tops offshore deal making
(CNS Business): Cayman was the leading destination for offshore deals in the third quarter of 2014, according to a report by local law firm Appleby. The jurisdiction attracted 155 deals with a cumulative value of US$13.68bn, accounting for 25% of the total deal volume and 29% of all dollars spent on offshore targets. “In the last […]
Bermuda waits for level playing field on ownership register
(CNS Business): The Bermuda government has said it will not be creating a publicly available register of beneficial owners of firms domiciled there before the UK, the USA and Canada all adopt the same type of access. Despite receiving similar pressure as the Cayman Islands government from the UK to create a register that will be […]
RBC shutting down Caribbean wealth management arm
(CNS Business): The Royal Bank of Canada is pulling out of the wealth management business in the Caribbean, a decision that will impact Cayman jobs though the number of workers that will be hit has not yet been confirmed. This is the second Canadian bank with branches in the Cayman Islands that appears to be cutting […]
Banker walks free from $20bn tax evasion charges
(CNS Business): Former head of UBS Raoul Weil has been acquitted by a US federal jury on all charges of conspiring with as many as 17,000 US taxpayers to abuse Swiss bank secrecy to hide $20 billion in secret offshore accounts. Jurors in a Fort Lauderdale, Florida, federal court reached their verdict after deliberating less […]
DMS to hosts offshore funds summit in Brazil
(CNS Business): DMS Offshore Investment Services (DMS) will host its 4th Annual Offshore Investment Funds Summit in São Paulo, Brazil, on 18 November. The firm said that this year’s summit will focus on the opportunities and challenges for Brazilian asset managers seeking to raise capital offshore, and developments in the local market with investment diversification […]
Bank remains mum on potential local job losses
(CNS Business): Following the announcement last week by Canada’s Scotiabank that it will be closing some 35 branches in the Caribbean region, with a potential loss of over 500 jobs, it is not clear how many of them will be in the Cayman Islands. Ahead of its fourth quarter earnings announcement next month, the bank […]
Danes reveal plans for public company register
(CNS Business): The Danish government has announced that it will create a public registry of beneficial ownership information for all Danish companies as part of the widening global crackdown on money laundering, corruption, and tax evasion. Denmark’s plan follows the commitment by the British government that it would be creating a public registry of the beneficial owners […]
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