Finance
CIMA reveals deal with Gibraltar in wake of Brexit
(CNS): The Cayman Islands Monetary Authority (CIMA) has signed a memorandum of understanding with the Gibraltar Financial Services Commission in the wake of the UK’s recent referendum on leaving the European Union, the results of which impacted both territories. CIMA officials said the deal would pave the way for cooperation and exchange of information regarding […]
CIMA signs deal with Abu Dhabi
(CNS Business): The Cayman Islands Monetary Authority (CIMA) has signed a deal with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), creating a framework for mutual assistance and exchange of information. CIMA said the Memorandum of Understanding (MoU) would foster standards of regulatory practice and compliance. The deal, officials said, would […]
Cayman’s ‘secrecy law’ gets overhaul
(CNS Business): The controversial piece of legislation that has been considered Cayman’s ‘secrecy law’ for many years and fueled the jurisdiction’s tax haven label has been repealed and replaced to help detract unwanted and unfair criticism, Financial Services Minister Wayne Panton has said. Along with a number of other changes as well as a new […]
Local finance body warns of Brexit volatility
(CNS Business): Jude Scott, CEO of Cayman Finance, the industry body which represents the local financial services sector, has warned of short-term volatility in the wake of Britain’s surprising exit from the European Union, but he said he believes the local industry will weather the forthcoming economic storms. He said the financial sector would continue […]
Email scams costing businesses $billions
(CNS Business): Unsuspecting employees in Cayman are being targeted by criminals with ‘Scareware’ and sophisticated email scams, enabling them to siphon off cash from these companies without the need for complex hacking techniques. The FBI’s Internet Crime Complaints Center (ICC) has issued an alert surrounding Business Email Compromise (BEC), which it called the $3.1 Billion […]
Cayman holds $265 billion in US Treasury bonds
(CNS Business): The Cayman Islands is now the third biggest foreign holder of US government debt, topped only by China and Japan. Holdings of US Treasury bonds in Cayman reached $265 billion in March, which was up more than 30% from the same period last year and was the first time that the Treasury data […]
Brexit and its impact on non-EU hedge funds
Laura O’Brien writes: The implications of a potential Brexit for non-EU hedge fund managers are hard to fathom. At present, public opinion polls appear to be neck and neck although fund managers seem confident Brexit is unlikely to occur. A survey by Aviva Investors in February 2016 found 20% of equity fund managers and not […]
Accounts’ regulator celebrates name change
(CNS): The Cayman Islands Institute of Professional Accountants (CIIPA) recently celebrated the official launch of CIIPA with over 70 members, government representatives and members of the financial services industry. CIIPA announced last month that it had changed its name to the Cayman Islands Institute of Professional Accountants, to more accurately reflect its role as an […]
Secrecy law revamp well received by industry
(CNS Business): The revamp of Cayman’s 40-year-old “secrecy law’, which removes the criminal liability for disclosing confidential information, is an essential step in positioning Cayman as a modern transparent cooperative partner on the international stage. For the parts of the financial sector which rely on privacy, the changes have been well received, provided they can […]
Local firm sees third trainee admitted to bar
(CNS Business): Janeen Al-Jadir was admitted as an attorney at law earlier this month after completing her articles with an international offshore law firm. Marc Kish, a partner at Harney’s, moved the admission for the third graduate of their professional development programme in Cayman. Al-Jadir joined the programme in October 2014 and has now secured […]
CIG and Cayman Finance sign another deal
(CNS Business): The offshore industry body, Cayman Finance, has signed a new memorandum of understanding with the Cayman Islands Government to further cement their improved working relationship. When the first MOU between Cayman Finance and the financial services ministry was signed in 2013, both parties said benefits for the sector would be derived from implementing […]
BNP Paribas closes Cayman branch
(CNS Business): French bank BNP Paribas is closing one of its two remaining branches in the Cayman Islands, as it continues to scale back its international offshore operations, having closed two Cayman subsidiaries in 2015. However, it will retain a banking presence in Cayman, which it does not classify as a “fiscal paradise”.
Cayman’s fuel issue skews inflation rate
(CNS Business): The Consumer Price Index (CPI) in Cayman fell by 2.8% during the first quarter of 2016 compared to the same time last year. The apparent deflation in the domestic economy is not necessarily a sign of an impending recession but as a result of a fall in oil prices and a reflection of […]
Cayman banks must adapt to survive de-risking
(CNS Business): The banking sector in Cayman will have to accept new ways of working, including sharing costs and services, in order to survive in the current climate of de-risking, according to US industry consultants that visited the jurisdiction recently. “There has been a paradigm shift in international banking and payments,” said Kobi Dorenbush, former […]
Import values drop due to oil prices
(CNS Business): Demand for imports into the Cayman Islands grew by around 7% in 2015 but the value decline by 6.3% compared to last year because of the fall in oil prices. Figures from the Economics and Statistics Office (ESO) revealed in its Foreign Trade Statistics Report that the total value of goods imported fell […]
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