ARTICLES BY MICHAEL KLEIN
Earlier this summer, consulting firm EY released a report highlighting that financial technology (fintech) adoption among consumers nearly doubled over the past 18 months, and the adoption rate was growing faster than anticipated.
Clients and creditors of discount broker OneTRADEx, which was put into provisional liquidation last week, heard they should expect to lose “less than 10%” of their trade account holdings at a liquidation meeting on Tuesday.
Jan Tibbling, the chief public prosecutor at the Swedish Economic Crime Authority, has been seconded to the Cayman Islands to advise government’s coordination team on its response to Caribbean Financial Action Task Force’s negative review of the local anti-money laundering regime.
Butterfield Bank is moving 22 jobs from Bermuda and Cayman to its support centre in Halifax, Nova Scotia, as part of a restructuring exercise to cut costs.
The Cayman Islands economy expanded 3.3% last year, after 3% growth in 2017. Record numbers of stayover and cruise tourists and a construction boom propelled the economy.
Tenants will already have noticed the hit to their bank accounts, as the latest rental cost figures from the Economics and Statistics Office show a 19.7% increase in rents during the first quarter of this year compared to the same period a year earlier.
Cayman discount broker OneTRADEx has been placed into provisional liquidation following a court hearing on Tuesday, 3 Sept. The primary purpose of the provisional liquidation is to facilitate the sale of certain parts of the business that the company has with Interactive Brokers.
A US fraudster, who used a Cayman Islands bank account and employed nominee directors for his offshore entities in Cayman, the British Virgin Islands and Nevis to conceal his income, has been sentenced to 262 months in prison for wire fraud and 60 months’ imprisonment for tax evasion.
Clients of Cayman broker OneTRADEx have expressed concern that the fees charged by the Cayman Islands Monetary Authority-appointed controllers of the business may exceed any cash reserves and assets the company has and would have to be covered by client funds.
Cayman 27, which ceased operations on Friday, is not the only licensee threatened to have their licence suspended for failing to pay outstanding fees to the regulator OfReg.
Cayman 27, which ceases operations today, is not the only licensee threatened to have its license revoked for failing to pay license fees to the regulator OfReg.
The Organisation for Economic Co-operation and Development is going to release a proposal for global corporate tax reform before the next meeting of G‑20 finance ministers and central bankers set for 17 Oct. in Washington, DC.
A public consultation on the proposed consumer protection regulations in the fuel sector launched by utility regulator OfReg ends on Friday, 30 Aug.
Three investment funds that hold Argentinian sovereign bonds linked to the performance of the country’s gross domestic product are suing the government of Argentina in the High Court of England and Wales claiming it failed to make payments of about 384 million euro (CI$349 million) due under the bond.
Mining firm Glencore has lost a court case trying to prevent the Australian Taxation Office from using leaked documents detailing the offshore arrangements of Australia’s largest coal producer.
The European Union will reveal a new methodology for its anti-money laundering blacklist of third countries by October. A previous blacklist was blocked by EU governments after a diplomatic row over the listing of Saudi Arabia and four US overseas territories.
Unusually dry weather in the Cayman Islands helped push Consolidated Water’s revenue growth in the second quarter of this year.
American coffeehouse chain Starbucks is opening its first store in Cayman at Camana Bay on Thursday.
Government continued to raise higher than expected revenues in the second quarter of 2019, which produced a 65% larger than budgeted surplus for the public sector.
Cayman’s healthcare professionals have met several times to assess Cayman’s preparedness for dealing with cases of Ebola, after the World Health Organization last month declared the recent outbreak of the deadly virus in the Democratic Republic of Congo a “public health emergency of international concern”.