European Union finance ministers are set to remove Bermuda, Barbados and the Dutch Caribbean island of Aruba from its tax blacklist on Friday, according to an unnamed EU official cited by Reuters and Bloomberg News.
The UK government has rejected demands by the Foreign Affairs Committee that it should enforce the legalisation of same-sex marriages and abolish belongership, the equivalent of Caymanian status, in the overseas territories.
The UK is planning to give Companies House more power to check information and the identities of people who set up businesses, following a number of high-profile money laundering and fraud scandals involving UK companies and partnerships.
A Cayman Islands company, which in the past counted the Australian Energy Minister Angus Taylor among its directors, is at the centre of a contentious $80 million water rights sale to the Australian government after it received most of the $52 million profit on the deal.
Government plans to broaden Cayman’s regulatory framework for securities and investment businesses, after a review by the Cayman Islands Monetary Authority identified regulatory and reputational risks stemming from entities that under the law can operate without a licence.
Cayman’s economy will fare well, unemployment will be below 4%, there will be significant budget surpluses and no new fees or taxes for consumers and businesses from 2020 to 2022. At least, that is the view of government’s Strategic Policy Statement.
Lawmakers passed amendments to the Trusts Bill on Wednesday. The changes will “enhance and modernise the legislation to ensure the continued viability of trusts as a financial services product in the Cayman Islands”, Minister of Financial Services Tara Rivers said.