Tag: Featured
US now more secret than Cayman
(CNS Business): Despite the constant criticism of the Cayman Islands as a so-called tax haven by US politicians and media, in the latest edition of the Financial Secrecy Index, compiled by the Tax Justice Network, the United States is placed above the Cayman Islands in its rankings. The report, which comes out every two years, […]
Brazilian wealth seeks Cayman deals in complex environment
(CNS Business): The use of Cayman Islands funds as a wealth management tool for high net worth Latin American families was debated last week at the STEP LatAm Conference in Brazil, where kidnapping is a constant worry for the wealthy and demand for outbound investments is fuelled by privacy and security concerns as much as any […]
Chamber tells CIG to stop blaming business for social ills
(CNS Business): The Chamber of Commerce has denied that the business community has easy access to work-permits. In response to comments made by Community Affairs Minister Osbourne Bodden in the Legislative Assembly last week, the Chamber’s executive council has taken aim at local politicians, stating, “It’s time respected members of government stopped blaming business owners for […]
UBS defection to Ireland sparks fund flight concern
(CNS Business): The Cayman hedge fund industry has come under attack again after a high profile fund structure redomiciled to Ireland, prompting claims that “hundreds” more will follow suit, alongside suggestions that Ireland is poised to capitalise on the uncertainty surrounding EU access for Cayman funds.
Register freed to tout for passenger ship business
(CNS): An amendment to the Gambling Law passed by legislators Wednesday, will facilitate the registration of cruise or other large passenger ships with on-board casinos on the Cayman Islands Shipping Registry and boost business for the growing government earner. Financial Services Minister Wayne Panton, who brought the changes, said that although the register was doing […]
Financial industry facing up to outsourcing rules
(CNS Business): Keeping up its focus on improving the way business is conducted in Cayman, the Cayman Islands monetary Authority (CIMA) has laid down guidelines for the financial services industry on how firms may outsource key activities and regulatory functions. By introducing these rules, CIMA is seeking to protect the industry from exposure to greater risks […]
Oil price decline cuts import figures
(CNS): The value of imports into the Cayman Islands fell again in the second quarter of this year, recently released government statistics have revealed. The total value of all goods brought in CI$182.9 million, 9% lower than the value of goods this time last year, which had reached well over $200 million.
Cayman Airways to launch Brac-Cuba route
(CNS Business): The National Flag Carrier will be launching a new weekly flight to Cuba from Cayman Brac at the end of next month, the airline has announced. The new Cayman Airways Limited (CAL) service between the Sister Island and Holguin is the second Cayman to Cuba route and the first outbound international route launched […]
Insider trading one of FBI’s top 10 frauds
(CNS Business): “You cannot make money in a hedge fund unless you are insider trading,” a trader who was caught by the FBI once told Supervisory Special Agent David G. Nanz. Speaking about the FBI’s top 10 financial crime threats at a recent financial crime conference, Nanz said that it’s almost unheard of for the FBI […]
Booze bill lifts current moratorium
(CNS): Government’s moratorium on new licences for businesses to sell alcohol will end with the passing of a new bill, which is expected to be debated in the Legislative Assembly this week. Government is bringing amendments to the liquor licensing law, which will also tie liquor licences to specific trade and business licences, allow more flexibility in […]
Cayman trust law must evolve to stem flight to Bermuda
(CNS Business): Cayman trust practitioners have again highlighted their concerns over a “flight to Bermuda” in a key area of trust restructuring work, where they say statutory Cayman trust law has failed to evolve.
Threats revealed to Cayman’s AML regime
(CNS Business): Government faces some serious challenges over the next 18 months to update the regulatory regime that protects the country’s financial service sector ahead of a task force inspection in March 2017. Francis Arana, head of the Anti-Money Laundering Unit in the Attorney General’s Chambers, who is coordinating the Cayman Islands’ National Risk Assessment (NRA), […]
Offshore banks face challenges with local banking
(CNS Business): The problem of local retail banks no longer wanting to do business with money transfer firms as a result of perceived regulatory risks is also beginning to impact offshore, or Class B, banks registered in the Cayman Islands, the premier has revealed. Following widely reported concerns over the last few weeks regarding expatriate […]
$51B of US corporate profit held in Cayman, says report
(CNS Business): The latest report on the use of tax havens making headlines around the world claims that $51 billion of corporate profits for Fortune 500 companies made in 2014 is held in the Cayman Islands. Describing Ugland House in George Town as a symbol of the “excesses of the world of corporate tax havens”, the […]
Chamber leader accuses CIG of appeasing minorities
(CNS Business): The Labour Relations bill is an example of legislation drafted to appease the concerns of a small minority and not the fix needed to grow the economy, the Chamber of Commerce president said in his address at the Legislative Lunch last week. Barry Bodden made it clear that the Chamber does not support […]
Recent comments