Finance
Cayman finance offers backing to new government
(CNS Business): The CEO of Cayman Finance, Jude Scott, has offered his backing to the new government and commended the premier, Alden McLaughlin. Congratulating all the successful candidates in a short statement, the boss of the body that promotes the offshore sector was clearly relieved that an agreement had been reached following a week of […]
AG outlines four year AML/terrorist financing plan
(CNS Business): Following the shortcomings identified previously by the Financial Action Task Force (FATF) and in Cayman’s regulatory regime to address emerging threats and vulnerabilities in the financial sector, the attorney general said a strategy has been developed ahead of the next FATF review. In a short statement the government’s chief lawyer, Samuel Bulgin said […]
Offshore attorney dies suddenly at GT home
(CNS Business): Julian Black, the group director in Cayman for offshore firm Estera and a former partner with Appleby, died suddenly and unexpectedly Thursday at his George Town home. In a statement from the firm, Black (48) was described as one of Cayman’s leading corporate finance lawyers. “Julian was a respected colleague and friend to […]
Two new faces for financial court bench
(CNS Business): The Chief Justice of Bermuda, Ian Kawaley, and Raj Parker have been appointed as judges in the Grand Court’s Financial Services Division following an open recruitment process earlier this year, where the posts were advertised locally and overseas. Both men were sworn in on 13 April by Cayman Islands Governor Helen Kilpatrick.
Work still needed ahead of task force review
(CNS Business): A summary of a National Risk Assessment that began in 2014 has been released to the public two years after it was finished, ahead of Cayman’s fourth round of Mutual Evaluation by the Caribbean Financial Action Task Force (CFATF) at the end of the year. The assessment found a catalogue of issues that […]
CIMA begins to create online payment system
(CNS Business): As government inches its ways towards providing more online or e-services, the Cayman Islands Monetary Authority (CIMA) has announced the launch of what will, in a few months, be a fee payment section of the Regulatory Enhanced Electronic Forms Submission (REEFS) system for authorised financial services industry users. Officials said the payment section […]
Cayman faces critics head-on at tax conference
(CNS Business): The financial services ministry brought together some of the jurisdiction’s major critics at a conference last week on the issue of tax transparency. Minister Wayne Panton and his team stressed the importance of engaging with the critics of Cayman’s financial service sector and the issues of transparency when they invited representatives from long-standing […]
Finance sector is important to all, says Scott
(CNS Business): Jude Scott, the CEO of Cayman Finance, said that the offshore financial services sector is important to everyone in Cayman and not just those making a direct living from it. In an effort to win the hearts and minds of the local community at a time when the industry continues to come under […]
Cayman retains Moody’s credit ratings
(CNS Business): The Cayman Islands has kept its international credit rating from Moody’s of Aa3 for its government’s bonds issued in a foreign currency, and an Aa2 rating for long-term foreign currency ceiling bonds and notes. Finance Minister Marco Archer said the rating and stable outlook for the jurisdiction was “attributed primarily to a very […]
3,500 businesses asked for data to measure local economy
(CNS Business): The Economics and Statistics Office has begun its annual business surveys to measure local economic performance. Officials said about 3,500 forms for the System of National Accounts (SNA) and the Balance of Payments (BOP) surveys, which began Monday, have been sent to the business community. The information is necessary to collect comparative information […]
Bank increases loan but not deposit rate
(CNS Business): Following the 25 basis point increase in the US Federal Funds Rate earlier this week, Butterfield Bank has announced an adjustment in its US and CI dollar prime lending rates for mortgages, consumer loans and commercial loans from 3.75% to 4% beginning today Friday, 17 March. But the bank stated in a short […]
UK crime law will impact CI financial sector
(CNS Business): A new piece of legislation currently being steered through the UK parliament could have a significant impact on the Cayman Islands. The Criminal Finances Bill, which once passed will amend the Proceeds of Crime Act, is focused on dealing with terrorist financing but it also creates corporate offences for cases where people associated […]
Premier updates Baroness on beneficial ownership register
(CNS Business): Premier Alden McLaughlin and Attorney General Sam Bulgin met with the UK’s minister responsible for its overseas territories, Baroness Anelay, Monday afternoon to update her on Cayman’s progress on the implementation of legislation underpinning the non-public searchable register for the enhanced exchange of beneficial ownership information with British law enforcement authorities, a release […]
Premier: Cayman will thrive in changing world
(CNS Business): Premier Alden McLaughlin told an audience of British lawyers that the Cayman Islands will not only survive in these “times of uncertainty” but its financial sector, constitution and adherence to the rule of law will ensure that it thrives. “As a jurisdiction, Cayman has always ensured that it kept, and keeps, up-to-date with […]
CIMA celebrates 20 years of service
(CNS Business): As part of its 20th anniversary celebrations, the Cayman Islands Monetary Authority (CIMA) will host a Family Fun Day for all staff and their families, as well as a charity 5K Walk/10K Run, set for Sunday, 21 May 2017. In January 1997, CIMA began operations as an amalgamation of the Financial Services Supervision […]
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