Banks in Barbados risk write-offs if the local government defaults on its debt. Last week, the Barbados government attempted to preserve the liquidity of its international currency reserves, which have dwindled to $220 million, by suspending payments to international creditors.
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.
The House of Lords has agreed to a controversial amendment of the U.K. Sanctions and Anti-Money Laundering Bill that instructs the British government to draft an order in council to institute publicly accessible registers of beneficial ownership in the British Overseas Territories by the end of 2020, if they have not been set up by then.
Minister for Financial Services Tara Rivers will travel to Brussels to discuss Cayman’s tax system with EU officials after Cayman last year narrowly avoided being included on a blacklist of countries deemed uncooperative in tax matters.
The introduction of Cayman’s Data Protection Law will come in effect in January 2019, but local businesses and organizations need to be aware of a corresponding legislation coming out of Europe that is likely to impact them as early as this month.
Caribbean Utilities Company reported a 2-percent increase in total customers, a 3-percent increase in electricity sales, but also an $1.8-million decline in net earnings for the first quarter of 2018 compared to the same period a year earlier.
Appleby, The Guardian newspaper and the BBC announced they have settled a lawsuit brought by the offshore law firm against the British media organizations in the wake of the so-called “Paradise Papers” coverage that was based on documents that Appleby said were stolen from the firm in a cyberattack.
The international press dedicated a huge amount of column inches this week to the decision by the U.K. parliament to force its overseas territories to make public the owners of companies registered in their jurisdiction, if necessary through an order in council.
The decision by the U.K. parliament to threaten an order in council to force the overseas territories to make their beneficial ownership registries public has caused consternation in Bermuda, the BVI and other territories.
Britain’s 14 overseas territories, including the Cayman Islands, will have to introduce public registers of beneficial ownership by the end of 2020. If they do not, the U.K. government will issue an order in council to force Cayman and other territories to do so.
FirstCaribbean International Bank Limited announced the withdrawal of the U.S.-registered public offering and listing of its shares on the New York Stock Exchange. The bank blamed “market conditions” for abandoning its share offering plans at the last minute.