BUSINESS NEWS

Three senior promotions at CIMA

The Cayman Islands Monetary Authority announced the promotions of Kenton Tibbetts, Jackie Powell Marsden and Yoshneck Mutomba.

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  • Economic Forum highlights concerns over cruise pier project
    Regular readers of the Cayman Compass and other local media are surely used to seeing headlines over the years such as “Cruise dock deal on track,” “Government gives green light to George Town cruise dock,” and “Government plans to go ahead with cruise dock.”
  • The threat of public beneficial ownership registers
    Even for jurisdictions that are used to moving goalposts in terms of international regulatory pressure, the passing on May 1 of a cross-party amendment to the Sanctions and Anti-Money Laundering Bill in the House of Commons, effectively ordering British Overseas Territories to establish public registers of beneficial ownership, was unique.
  • Booming real estate industry reflects economic growth
    Finance Minister Roy McTaggart has recently touted the 2.9-percent economic growth Cayman experienced last year, but to many that number is just an abstraction.
  • Maritime and Aviation City welcomes first zone company
    Cayman Maritime & Aviation City and The Civil Aviation Authority of the Cayman Islands announced the registration of its first special economic zone company in May.
  • Economy grows, but questions remain over regulatory pressure
    Cayman’s economy expanded more than anticipated in 2017. Gross domestic product grew by 2.9 percent in real terms following similar growth of 3 percent in 2016 and 3.1 percent in 2015.
  • Where there’s no will – there’s a way
    Most people know that making a will is the “adult thing” to do, especially when children and other dependents are involved. However, like most unpleasant things in life, we tend to put it off for as long as possible.
  • Is global growth stuttering?
    2017 can be characterized as a year that should be celebrated. The world’s economy enjoyed synchronized global growth, with all major developed economies reporting positive GDP growth.
  • Post-Irma, BVI financial sector propping up struggling territory
    Traveling to the British Virgin Islands for the first time since the territory was devasted by Hurricane Irma last September is an eye-opening experience for those familiar with what was once a flourishing, high-end tourism destination.
  • Brexit, Silk Road and de-risking – the future of offshore centers
    It is difficult to see a bright future for offshore financial centers amid media attacks, international tax information exchange, initiatives to curb cross-border profit shifting by multinational companies, anti-tax avoidance measures, transparency efforts that erode financial privacy and more extensive compliance rules.
  • The normalization of market volatility
    The return of market volatility over the first four months of 2018 has come at an interesting time in the global economic cycle.

CAYMAN FINANCIAL REVIEW

Appreciating the remaining risks of bankruptcy strip-off of home mortgages

Investments in mortgage-backed debts carry reduced risk in light of the special protections afforded to collateralized claims. Second-lien investing, however, is subject to enhanced risk due to the greater likelihood of collateral value insufficiency.

Financial internships and the Foreign Corrupt Practices Act

American regulators have recently been scrutinizing financial institutions’ internship programs for potential violations of the Foreign Corrupt Practices Act.1 The United States Securities and Exchange Commission recently announced its first internship-related FCPA settlement with Bank of New York Mellon Corp.

Caribbean grapples with problem of bank de-risking

One potential mechanism to improve their AML systems is through the Inter-American Development Bank’s technical cooperation RG-T2224. It provides a grant to support member countries in their efforts to prevent money laundering and terrorist financing, in compliance with the new FATF standards.

Oil price instability and policy uncertainty in an OPEC world

The number of oil rigs in the United States quickly fell by more than 50 percent. The magnitude and speed of the collapse was rivaled only by the 1986 OPEC shock and the 2008 financial crisis.

Read more from the Cayman Financial Review

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