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 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.
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 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.
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.
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.
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.
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.
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 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.
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.
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.
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.