Michael Klein, Photo-Journalist
Michael Klein, Photo-Journalist

Michael Klein


Pinnacle Media Group Ltd
PO Box 1365 GT
Grand Cayman KY1-1108

T: 345-815-0064
E: [email protected]


Money laundering report finds ‘major deficiencies’ in Cayman

The Cayman Islands has major shortcomings in its ability to analyse and understand the risks from money laundering and terrorism financing. Large money laundering investigations and prosecutions are non-existent and the use of the Financial Reporting Authority to initiate investigations is benign, the latest mutual evaluation report by the Caribbean Financial Action Task Force has concluded.

Government: New anti-money laundering plan under way

Government has responded to what appears to be a damning evaluation of the effectiveness of Cayman’s anti-money laundering framework by launching an action plan that aims to address any deficiencies within a year.

‘Compliant’ Bermuda says it will be removed from EU blacklist by May

Bermuda’s Premier David Burt called the island’s tax blacklisting by the European Union a “setback,” but said that, as of Wednesday, he believes Bermuda is compliant with EU requirements and should be removed at the next EU Council meeting in May.

Butterfield migrates to new online banking platform, with some hiccups

Butterfield introduced a new version of its Butterfield Online banking system for personal banking customers on the evening of Saturday, March 2. The move took some of the bank’s customers by surprise, while others struggled to access the new service.

Cayman avoids EU blacklist

The European Union has not added the Cayman Islands to an expanded EU tax blacklist, but the council of EU finance ministers said Cayman will have to amend its legislation by the end of this year.

Lindhout brings message of resilience and survival to Power of the Purse event

Canadian Amanda Lindhout, the keynote speaker at this year’s Power of the Purse event on March 22, says whether she liked it or not, she had to become a survival expert.

Cayman led offshore deal-making in 2018

The Cayman Islands remained the top jurisdiction for offshore deals last year. Cayman accounted for 31 percent of all offshore merger and acquisition transactions and 26 percent of total deal value in 2018, according to a report released by offshore law firm Appleby.

EU countries reject commission’s blacklist

European Union governments are set to block the European Commission’s draft dirty money blacklist after all 28 EU member states objected to the way countries were selected for their alleged anti-money laundering deficiencies.

UK government pulls Brexit bill debate over beneficial ownership

The United Kingdom government pulled a parliamentary debate on a piece of financial services legislation on Monday after Jersey, Guernsey and the Isle of Man warned against an amendment to the bill that would force the introduction of public beneficial ownership registries in the Crown dependencies.
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OECD sees rising risks in corporate debt market

Global outstanding debt in the form of corporate bonds issued by non-financial companies has doubled since before the financial crisis and reached record levels at almost US$13 trillion at the end of 2018.

Committee calls on UK to intervene if Overseas Territories do not legalize same-sex marriage

A committee of U.K. lawmakers is urging its government to intervene if the British Overseas Territories do not legalize same-sex marriage or abolish rules tied to belongership, the equivalent to Caymanian status, or a similar status.

Butterfield Bank reports ‘record profitability’ in 2018

Butterfield Bank ended 2018 on a high with fourth quarter net income of $50.9 million or $0.92 per share, compared to $50.4 million in the third quarter of 2018 and $40.3 million in the fourth quarter of 2017.

CUC reports annual earnings growth

Caribbean Utilities Company reported annual operating income of US$28.4 million, a $1 million increase over 2017, as a result of higher electricity sales revenues.

EU publishes anti-money laundering blacklist

The European Commission released a blacklist of 23 non-EU countries which the European body says have strategic deficiencies in their anti-money laundering and counter-terrorism financing frameworks.

Airbnb brings in 14,600 guests in 2018

Peer-to-peer rental service Airbnb is growing in popularity in the Cayman Islands. Last year, 340 local Airbnb hosts drew 14,600 guests to the islands. On average, visitors stayed for about six days, according to data released by Airbnb.

Health City boosts profit margin of parent company

Narayana Hrudayalaya, the Indian parent company of Health City Cayman Islands, reported a 32 percent increase in revenue due to the consolidation of the East End-based multi-specialty hospital and growth in other new hospitals.

Eric Bush to head new Ministry of International Trade

Deputy Governor Franz Manderson has appointed Eric Bush to lead the new Ministry of International Trade, Investment, Aviation and Maritime Affairs.

Investment summit explores data globalization and machine learning

Globalization is not over. In many ways, it is accelerating, as a new form of internationalization is no longer about goods and services but about data, according to Tony Cowell, partner at KPMG and chairman of the Cayman Alternative Investment Summit.

US aviation company acquires Island Air

Ross Aviation has acquired Island Air, the fixed-base operator at Owens Roberts International Airport and at the Charles Kirkconnell International Airport on Cayman Brac.

Amendments to Trust Law expected

Government is planning to amend the Trusts Law and related regulations this year, Minister for Financial Services Tara Rivers announced at the STEP Cayman Conference on Thursday.
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