Tag: Featured
Caribbean banks hope IMF can solve de-risking-risk
(CNS Business): The Caribbean Association of Banks (CAB) has welcomed recent remarks by Christine Lagarde, Managing Director of the International Monetary Fund (IMF), over the problem of correspondent banks in the region de-risking and hopes that the organisation can help stop the current trend. As larger, mainly North American banks end their relationships with regional […]
Ex-Cayman banker dodges jail term in Switzerland
(CNS Business): A former offshore banker who was based in the Cayman Islands before he blew the whistle on his former bosses at Julius Bäer, accusing them of assisting clients with tax evasion and leaking sensitive account information to Wikileaks, will not go to prison. Rudolf Elmer (60) was given a 14-month suspended sentence after […]
CIG’s Honduras day-trip paves way for deals
(CNS Business): The government is hoping Honduras could serve as a new source of imports for the Cayman Islands and a new gateway for Cayman Airways. On a day trip to Roatan on Tuesday, the premier led a delegation to discuss future trade deals between the Central American country and Cayman. Alden McLaughlin and Deputy […]
Liquidators on trail of fugitive for missing $4M
(CNS Business): Joint liquidators trying to untangle the affairs of Ryan Bateman and the group of Cayman-registered companies he once owned and managed have filed another winding up petition and are on the fugitive’s trail for some $4 million of investors cash and assets that has gone astray from Bateman & Company. The Canadian national absconded […]
Airport retail space up for grabs
(CNS Business): As the Cayman Islands Airports Authority (CIAA) continues work on the redevelopment of Owen Roberts International Airport (ORIA), it is about to begin an open tender for all the retail spaces at the new facility, which is set to open in 2018. A total of seventeen potentially lucrative spaces will be up for […]
CIG ready to assist Canada’s tax evasion probe
(CNS Business): As Cayman National finds itself embroiled in another international tax evasion investigation, this time regarding the actions of clients of two Canadian banks, the Cayman government says it is ready and willing to assist Canada in uncovering where its citizens may have used offshore accounts to avoid tax obligations at home.
CUC earnings boosted by hot weather
(CNS Business): Sales were up by 7% for CUC during the second quarter of 2016, the firm has reported. While this was partly due to a slight increase in customer numbers, the main factor was the warmer weather, as the average temperature for the period was up by almost a full degree and people turned […]
Travers takes aim at ‘delusional thinking’ on offshore finance
(CNS Business): Anthony Travers, a former Chairman of the Board of Cayman Finance, took aim at critics of low-tax jurisdictions as he joined documentary film maker, Jaques Perretti, on a panel at the IBC Transcontinental Trust Forum in Geneva last month looking at the media portrayal of the offshore industry. Dismissing those critics as “delusional”, Travers […]
UK PM signals tax haven clampdown
(CNS Business): Just as the Cayman Islands government was feeling confident that its relationship with the British government was better than ever and the UK was beginning to understand and accept the role of the offshore financial sector, the new prime minister, Theresa May, is believed to have ordered a clampdown on the use of […]
Fugitive’s company closed down over $1.69M debt
(CNS Business): A company owned by a man wanted by local police for a violent crime has been wound up by the Grand Court after a creditor in the British Virgin Islands tried and failed for more than six months to get back almost $1.7 million he had on account with B & C Capital […]
Stay-over visitors in spending bonanza
(CNS Business): Overnight visitors to the Cayman Islands fell by 1.4% in the first half of 2016 when compared to the year before but the slight drop in numbers on 2015, which was a record-breaking year for tourism, is not having an adverse effect on the bottom line. Tourism officials said that visitors are spending […]
Cayman snubbed by ESMA over funds passport
(CNS Business): The Cayman Islands is facing yet another challenge to its financial services sector after the long anticipated decision from the European Securities and Markets Authority Tuesday not to recommend that the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU alternative investment fund managers be extended to the jurisdiction. ESMA said it “could […]
False start for mammoth Saudi fraud trial
(CNS Business): The biggest ever trial to be held in the Cayman Islands got off to a false start yesterday, with proceedings adjourned at the start of the first day due to what the chief justice Smellie called “housekeeping issues”, but with the courts blocking off the next seven months to deal with the liquidation […]
Cayman fund rivals could see post-Brexit boost
(CNS Business): As the fallout from the Brexit vote turns to the complexities of engineering the UK’s exit from Europe, there is a real possibility that fund managers might move their headquarters from the UK to remain in the EU, and with Luxembourg and Dublin seen as viable alternatives, these fund domiciles could continue to […]
Telecoms giant blocks Cayman regulator from offices
(CNS Business): An attempt by the Information and Communications Technology Authority (ICTA) to enter the main Cayman office of Cable and Wireless this week was met with a refusal, officials from the regulator have confirmed. Over the last few months the firm, which now trades under the brand name Flow, has been under the watchful […]
Recent comments