The Cayman Islands government has taken in more money than budgeted in the first nine months of 2018. The unaudited financial results for the public sector for the first three quarters show an overall surplus of $183.3 million, almost double the $92.6 million surplus budgeted for this point of the year.
Citizenship by investment and residency by investment schemes are the latest targets of regulators and advocacy groups, as three reports by Transparency International, the OECD and the Green Party in the European Parliament all highlighted abuses of the programs in both Europe and the Caribbean.
Trust services providers can potentially face enormous difficulties when complying with data requests under Europe’s data protection legislation, which gives individuals the right to ask for information held about them by third parties.
The Cayman Islands Monetary Authority has sent letters to securities and investment businesses registered as excluded persons, demanding they obtain within 30 days an auditor’s report on their anti-money laundering (AML) systems and procedures for compliance with Cayman’s AML regulations.
Government has released an Immigration (Transition) Bill, 2018, which would effectively repeal the current Immigration Law (2015 Revision) and create a new Workforce Opportunities Residency Cayman agency.
Rudolf Elmer, a former chief operating officer with Julius Baer in the Cayman Islands who handed internal bank data on tax evaders to WikiLeaks, international tax authorities and allegedly the media has not broken Switzerland’s bank secrecy law, the country’s Supreme Court confirmed last week.
Despite the waves that the FIFA corruption case has made worldwide, and particularly in the Caribbean, following the arrest and guilty plea of former CONCACAF president Jeffrey Webb and other national and regional football bosses, nothing has changed, according to former football professional Shaka Hislop.
Challenging the section of the U.K. Sanctions and Anti-Money Laundering Act that threatens to establish public beneficial ownership registers in the overseas territories – if necessary through an order in council – would face major obstacles, according to Sir Jeffrey Jowell, QC, the lawyer who is working with the Cayman Islands government on its response to the action.
The U.K. and the Cayman Islands have reached an agreement that will allow the continued cooperation in the fight against money laundering and other crime under an agreement struck more than two years ago.
The Cayman Islands saw more mergers and acquisition transactions than any other offshore jurisdiction in the first half of 2018, as the total value of Cayman deals increased by nearly 50 percent over the second half of 2017.
The idea might seem counterintuitive. Eleven years after the first iPhone was released, smartphones have taken over almost every aspect of our lives and disrupted most types of businesses, from media to retail.
Premier Alden McLaughlin and Minister of Financial Services Tara Rivers will join representatives from the Maritime Authority at the Monaco Yacht Show this week in an effort to promote Cayman’s service offering for yacht owners.
Global growth has peaked following escalating trade tensions, tightening fiscal conditions in emerging markets and political risks that could undermine strong and sustainable medium-term economic growth worldwide.
As Cayman and the U.K. are at odds over the extent of their information exchange in criminal investigations, not complying with U.K. unexplained wealth orders – the latest weapon in the fight against money laundering – can make enforcement proceedings for authorities back in Britain much easier, trust professionals heard last week.