Business in Brief: Law Society, Bar Association endorse anti-corruption statement

The Cayman Islands Law Society and the Caymanian Bar Association have endorsed the anti-corruption statement released by U.K. and Irish professional bodies including The Law Society of England and Wales, the Institute of Chartered Accountants in England and Wales, and the Society of Trust and Estate Practitioners.

Alasdair Robertson, president of the Cayman Islands Law Society, said, “Financial crime is a serious global problem that requires a unified legal and law enforcement response. The Cayman Islands legal profession is committed, alongside its colleagues in the U.K., to fight against corruption in all forms.”

Members of the Cayman Islands Law Society and the Caymanian Bar Association for many decades have played a key role in assisting the government to develop and implement legislation that promotes effective transparency and cross-border cooperation with law enforcement and tax authorities.

Abraham Thoppil, president of the Caymanian Bar Association, added, “The Cayman Islands has a strong record of promoting transparency through close collaboration and compliance with the relevant global regulatory bodies, in line with international standards and we, alongside our partners in the Cayman Islands, will continue to work to promote effective transparency and cross border cooperation in order to encourage global tax compliance and to ensure Cayman is trusted as a well-regulated, cooperative and transparent jurisdiction.”

KPMG hosts anti-money laundering workshop

KPMG Forensic hosted a seminar on May 4 on the changing face of anti-money laundering.

From left, Judiann Myles (CIMA), Jude Scott (Cayman Finance), Sandra Edun-Watler (CICA) and Joel Dodson (KPMG) at KPMG's anti-money laundering workshop on May 4.
From left, Judiann Myles (CIMA), Jude Scott (Cayman Finance), Sandra Edun-Watler (CICA) and Joel Dodson (KPMG) at KPMG’s anti-money laundering workshop on May 4.

Joel Dodson, partner in the firm’s Risk Consulting practice, said, “The regulatory landscape is evolving at a rapid pace and organizations and businesses today need to be diligent in their upkeep of internal policies and procedures to account for the evolutions.”

The event at the George Town Yacht Club included a panel discussion featuring Jude Scott, chief executive officer of Cayman Finance, Judiann Myles, deputy head of Policy and Development at the Cayman Islands Monetary Authority, and Sandra Edun-Watler, president of the Cayman Islands Compliance Association, on the regulatory headwinds facing the Cayman financial market, specifically the upcoming inspection in the second quarter of 2017 by the Caribbean Financial Action Task Force.

Alice Adumekwe and Brid Verling of the KPMG Risk Consulting team presented on the revised FATF recommendations and the key requirement in having a robust AML program.

Ogier sees Cayman listings growth in Taiwan IPO market

After a relatively challenging year in 2015, demand is increasing for Cayman listing vehicles for initial public offerings on the Taiwan Stock Exchange, according to law firm Ogier.

The TWSE has the third-largest proportion of foreign listings among Asian markets, trailing only Hong Kong and Singapore.

The number of foreign companies listed on the exchange has grown steadily and now accounts for approximately 8 percent of all listings.

Ogier said it has acted on 28 listings on the exchange, representing around a third of all foreign listings, and in the past two years the firm acted as issuer’s Cayman counsel on more than half of all Taiwan IPOs.

Ogier has also acted as Cayman Islands counsel to the underwriters on a number of listings.

Study on Business Regulatory Environment of Caribbean overseas territories

A European Union funded program which seeks to increase the competitiveness of the Caribbean overseas countries and territories, and in particular that of small and medium sized businesses, will feature a study on the business and regulatory environment in each of the overseas territories.

The study, launched in St. Maarten, will also carried be out in Aruba, Bonaire, Curacao, Saba, St. Eustatius, St. Barth’s, the British Virgin Islands, Turks and Caicos, the Cayman Islands, Anguilla and Montserrat. When completed, in the second half of 2016, the results will be shared with the countries.

Based on the methodology of the World Bank Ease of Doing Business Study, the COSME Doing Business study seeks to highlight the strengths and weaknesses of the regulatory environment in each jurisdiction in a few key areas, especially when compared to other territories and globally.

Century 21’s award recipients Stefan Prior, Amber Yates and Howard McLaughlin.
Century 21’s award recipients Stefan Prior, Amber Yates and Howard McLaughlin.

Century 21 agents awarded

At the recent Century 21 Global awards ceremony in Orlando, Florida, three Cayman real estate agents received two of the top awards in the firm’s franchise.

In recognition of their exceptional sales performance and service in 2015, Howard McLaughlin (associate broker) and Stefan Prior each received the Century 21 Centurion Award, and Top Producer Amber Yates received the award of Century 21 Double Centurion.

The Centurion status is a globally recognized award, with only a small number of the 90,000-plus agents in the franchise achieving this level of success, the property agency said.