Tag: Wayne Panton
Development bank offers loans to SMEs and public servants
(CNS Business): The Cayman Islands Development Bank (CIDB) has introduced two loan programmes, one designed for small- and medium-sized enterprises (SMEs) with proven track records for at least two years, and the other for public sector workers who want to consolidate their high-interest rate debt. Wayne Panton, the minister responsible for financial services and commerce, said […]
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 […]
Business law to create equity for local commerce
(CNS): Revisions to the Trade and Business Licensing Law passed in the Legislative Assembly almost a year ago are expected to create a fairer environment for local commerce and increase compliance when the legislation is finally implemented next month. The main goal is to curtail illegal vending and make compliance easier, so the law offers […]
Cayman-US couple fight tax exchange decision
(CNS Business): US taxpayers and Caymanian status holders Lee and Sheila Aronfeld are seeking a judicial review of a decision by the Cayman Islands Tax Information Authority (CITIA) to give their information to the IRS in the United States in connection with a criminal tax probe. Shareholders in three Cayman registered exempted companies, the Aronfelds claim […]
Micro business fee waiver extended for another year
(CNS Business): Owners of micro business or would-be entrepreneurs planning to start one can look forward to another year of reduced fees now that Cabinet has extended the waiver for very small businesses across all three islands, as well as the 50-75% reduction for small businesses. Commerce Minister Wayne Panton recently lauded the success of the […]
LA passes laws for financial services sector
(CNS Business): Several bills relating to the Cayman Islands’ offshore financial services sector were passed in the Legislative Assembly last week, when parliament members convened for the second meeting of the budget year. Minister of Financial Services Wayne Panton highlighted four bills he said were critical for the financial future and the investment firms of this country.
Cash transfer firms stay open using US currency
(CNS): Three of Cayman’s money transfer businesses have entered into new arrangements that will deal with US currency transactions only, which will enable them to continue providing cash remittance services after a number of local banks pulled out of partnerships with them. Increased concerns over the risks of these kind of financial transactions and pressure […]
Boards put block on CIG’s choices for CIMA directors
(CNS Business): Two people recently appointed by Cabinet to sit on the Cayman Islands Monetary Authority board have been prevented from taking up their seats as a result of objections from the private sector entities where they work, stopping them from accepting the voluntary posts. Of all government’s boards, CIMA, as the regulator of the […]
Cayman prepares for AIFMD passport
(CNS Business): Cayman Islands financial and government leaders said they remain committed to working with the European Securities and Markets Authority as the island, along with other major jurisdiction, face uncertainty over whether they will be granted the EU’s Alternative Investment Fund Managers Directive (AIFMD) passport, allowing the sale of funds in European countries. ESMA […]
Offshore lawyer to head regulatory board
(CNS Business): The former managing partner at Walkers, Grant Stein is the new chair of the Cayman Islands Monetary Authority. Stein replaces George McCarthy, the former chief secretary, at the regulator, which oversees the islands’ offshore sector. Financial Services Minister Wayne Panton confirmed Tuesday that Stein and several other new faces were appointed because existing members […]
T&B Licences double since last year
(CNS Business): The number of trade and business licences granted in Cayman have seen a significant climb, doubling since this time last year, according to the Minister of Financial Services Wayne Panton.
Cayman on new EU blacklist
(CNS Business) Updated: Government appeared to brush off the latest blacklisting of the Cayman Islands when it released a short statement on Wednesday at around 5pm following revelations by the EU that the jurisdiction had been cited as facilitating tax evasion.
More businesses to open Sunday
(CNS Business): The age old debate on Sunday trading has officially been decided and establishments such as tourist-related shops, gas stations and retail businesses that sell food and beverages that are less than 4,000 square feet will be exempted from the ban. Government has revised the Sunday Trading Law by adding more types of businesses […]
Unethical businesses must adjust to new copyright laws
(CNS Business): Modernising Cayman’s copyright laws will bring financial benefit to the islands but it will impact some local businesses and they will have to adjust or find another line of business, according to Commerce Minister Wayne Panton. He said, “You can’t have your cake and eat it too.”
Student programme to encourage careers in financial services
(CNS Business): The launch of a new student education and work experience programme is set to spark early engagement for Caymanian students interested in careers in the financial services industry. The 12-week programme targets Year 12 students who are job-ready and aims at putting more young professionals to work in this industry.
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