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Topic: financial services
Spectrum, a new annual conference, will focus on the medium-term future of Cayman’s financial services industry.
Cayman’s financial services sector received a boost in the first months of this year with strong growth in fund, company and partnership registrations.
In video messages to international investors, government along with financial regulator Cayman Islands Monetary Authority last week emphasised Cayman’s resilience during the coronavirus pandemic..
Statistics for 2020 show growth or stable activity across the spectrum of financial services as firms took lockdown measures and border closures in their stride.
The Cayman Islands economy grew faster than expected before the COVID-19 pandemic hit last year.
Lawmakers this week passed a package of five bills to regulate virtual asset service providers. The Virtual Asset Service Provider Law, the central piece of legislation in the regulatory framework, demands that digital asset businesses must be registered with the Cayman Islands Monetary Authority.
Cayman’s closure of its borders has sent the tourism industry into “free fall,” according to Premier Alden McLaughlin, who said at a press conference Monday that it is now up to the financial services industry to see the country through the upcoming months.
Opposition lawmakers expressed concern over reports that European Union ambassadors have recommended the Cayman Islands be blacklisted as a non-cooperative tax jurisdiction.
The flurry of new laws and legislative amendments coming out of Cayman's Ministry of Financial Services can at times give the impression that government is being pulled into every conceivable direction by international standard setters.
Researchers such as Oxford-trained economist Diego Zuluaga have pointed out that offshore centres, as important facilitators of aggregate investment, are, in fact, associated with improved economic outcomes.
Brace yourselves: Another external “analysis” of Cayman’s offshore industry is coming, and the news is not expected to be good. Quelle surprise.
Premier Alden McLaughlin told the more than 150 attendees at the 6th Annual Cayman Finance New York Breakfast Briefing on Tuesday that Cayman remains bullish about the prospects of financial services business in the jurisdiction and that the country and government are gearing up to meet the challenges and uncertainties of the future.
We would challenge the Netherlands, or any of the countries named above, to subject themselves to the same level of intense scrutiny levied upon Cayman. They will never do it, which is prima facie evidence of the hypocrisy afoot in their pious proclamations.
By issuing a “blacklist” of 21 low-tax jurisdictions (including the Cayman Islands), the Netherlands has demonstrated that it is full of … well, call it “gall.”
We draw no comfort from the ministry’s claims that the bills have been subjected to in-depth consultation with Cayman’s financial services industry, local regulators, the EU and OECD. Assuming those discussions took place, they took place behind closed doors – out of sight, and earshot, from either Cayman’s public or stakeholders who were not selected by the government for consultation.
A well-lived life, such as that of Arthur Hunter’s, leaves an indelible impression on those fortunate enough to have shared the stage with such a man, if only too briefly.
The reality is that international investing and commerce, which constitute the vast majority of what takes place in the financial sector in these islands, do not require a huge physical presence.
The secretive row is indicative of – potentially an eroding relationship between country and colony – but at minimum an absolute breakdown of communications … between the FCO and our government, and between Mr. Toon’s agency and our watchdogs.
Select Vantage Inc. (SVI) is disappointed that the Cayman Compass published its article without first seeking comment from SVI. If comment had been sought, SVI could have corrected some significant errors in the article.
British lawmakers have fired a first shot, but there may be more than one bullet in that gun.
Cryptocurrencies, such as bitcoin, can serve as a unit of account and a medium of exchange, but not as a store of value – as long as there is nothing more than an algorithm to anchor them.
During these perilous times, we urge Cayman’s leaders to be uncharacteristically open and communicative with the people of these islands. The offshore financial sector provides over half of the entire government budget, and any threat to that industry threatens us all.
On May 1, the U.K. House of Commons decided that Cayman and other British overseas territories must create public registries listing the owners of companies registered in their jurisdictions. It apparently caught Cayman’s leaders by surprise.
Today's editorial cartoon
Does anyone really think that the true criminals are not smart enough to find another venue to base their money laundering efforts in?
In the event that the matter cannot be sorted out through negotiation, the Premier, Mr. Alden McLaughlin, and the Cabinet have my full support to determine the legitimacy of the proposals through the legal system as the same appear to be a clear violation of the Cayman Islands Constitution, an individual’s legitimate right to privacy.
The Cayman Islands has demonstrated consistently that it will go very far in cooperating with overseas authorities to help in the fight against tax evasion, as well as to fight money laundering and terrorist financing.
With continued good fortune, perseverance and high-quality education, we have no doubt that Cayman — energized and enabled by our financial services sector — will not only build on our half-century of success, but will surpass even those “miraculous” accomplishments.
In 1960, the Cayman Islands could not have been further removed from its status today as a small but prominent global financial center. At the time, the Cayman economy still largely relied on seamen’s remittances, fishing, agriculture, shipbuilding and hand crafts. Airline services were limited and the tourism sector in its infancy.
The “real victims” of divorce are often the children. We hope that doesn’t hold true for “colonial children,” including the Cayman Islands, in the context of England’s protracted separation from the European Union, known commonly as “Brexit.”
Congratulations to Butterfield on its “golden” anniversary in the Cayman Islands. Here’s to your next 50 years.
Premier Alden McLaughlin, Minister Roy McTaggart and Mr. Saunders deserve to be commended for standing up for Cayman’s financial services industry
Offshore compliance and Russian politics were among the topics at the 13th annual Anti-Money Laundering, Compliance and Financial Crime Conference at the Grand Cayman Marriott Beach Resort.
Today's editorial cartoon
The final Legislative Assembly meeting of the Progressives-led government’s term in office will consider about 20 pieces of legislation covering issues, including public lands, crime and punishment, financial services and the protection of older residents.
The Cayman Islands has seen 33 new captive licensees in the first three quarters of 2016, well ahead of the 22 and 24 new captives licensed in the full years 2015 and 2014, respectively.
Fees, registrations and licenses charged to the Cayman Islands financial services industry earned about 39 percent of all revenues for central government last year, according to figures produced in annual financial statements by the Ministry of Financial Services.
Cayman Islands lawmakers are set to review and approve an unprecedented number of bills in the Legislative Assembly meeting that begins Tuesday, some of which involve complex, long-standing issues that have been before parliament for more than a decade.
It’s time to ask a scary question: How much of the financial industry will soon be obsolete?
With an international anti-money laundering review looming next year, Cayman Islands lawmakers will try one more time to pass modern regulatory legislation for the legal profession.
Italy has included the Cayman Islands on the list of jurisdictions it deems cooperative in tax matters.
Cayman’s financial services industry, financial regulators and the territorial government are bracing for a mid-2017 review of anti-money laundering regimes.
The financial services sector in Cayman saw mixed results in 2015, according to data from the Cayman Islands Monetary Authority and government’s annual economic report for the last year.
Cayman Finance has signed a new Memorandum of Understanding with the Cayman Islands government “to enhance the already close working relationship that Cayman’s financial services industry has with government,” Cayman Finance said in a statement.
The Cayman Islands Monetary Authority plans to begin reviewing the cybersecurity plans for banks, financial services companies and its other licensees, according to a notice issued recently by the regulator.
The Cayman Islands will not adopt a mechanism for the exchange of beneficial ownership data that is not implemented by the United States.
Contrary to international media reports and a press release from No. 10 Downing Street, the Cayman Islands government did not commit to the automatic exchange of beneficial ownership information prior to the Anti-Corruption Summit in London last week.
The Cayman Islands’ commitment to join an initiative for the development of a global standard to exchange beneficial ownership information has been met with a mixture of understanding and concern about the long-term stability of the financial services industry in Cayman.
The Cayman Islands will join the United Kingdom’s effort to develop a new global standard for sharing information on the owners of companies and trusts, likely to include automatic exchange of ownership information, according to the Ministry of Financial Services.
The Cayman Islands plays only a minor role in the offshore data leak involving the Panamanian law firm Mossack Fonseca.
The United Kingdom is seeking an agreement with other leading economic powers in western Europe – and elsewhere – that will lead to the automatic exchange of data on company and trust ownership information.
Are the several dozen so-called offshore financial centers enlightened enough to mount a vigorous defense against the know-nothing statists or will they apologize for their mere existence?
Absent from the extensive coverage of the Panama Papers leak is any journalistic analysis whatsoever of the evident and coruscating irony.
Eye-popping revelations in the Panama Papers have fanned concerns that the so-called “tax havens” lie at the center of a giant web of criminal conduct. The uproar invites examination of the role played by such centers in the world economy.
Were you shocked to learn of all of the politicians from around the globe who have utilized Panama and other “offshore” entities to set up financial structures to hide their money?
The Cayman Islands government and the United Kingdom announced Monday a new agreement on accessing company ownership information, that has been in the works since 2013.
When asked about the main risks to their organization that they must manage, leaders of large corporations, regardless of the industry, almost always name their single most important asset: their reputation.
What purpose do the Panama Papers investigations really serve?
As the saying goes, you are judged by the company you keep — and, in the case of public figures being named in “The Panama Papers” exposé, by the companies you tried to hide.
The narrative being advanced by international media outlets suggesting that law firms like Mossack Fonseca are breaking the law, or helping others do the same, is belied by the fact that none of them have actually been charged with any crime.
The Ministry of Financial Services is hosting a public meeting Thursday night to explain the requirements of the new Trade and Business Law.
The IFC Forum, an advocacy group representing financial services and law firms in British offshore financial centers, has questioned whether the new OECD system for tax information sharing will be effective without U.S. participation.
The recent BBC documentary on Cayman, "Britain's Trillion Pound Island," is a documentary insult and a journalistic mess.
Distasteful as it is to anticipate yet another journalistic hatchet job on the Cayman Islands, the prospect nevertheless becomes a compelling watch for Cayman residents.
"There's no such thing as bad publicity" — but when U.S. presidential candidate Hillary Clinton named the Cayman Islands (in the context of tax abuses, of course) it certainly wasn't good publicity for our country.