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Topic: financial services

Financial services conference to tackle Cayman’s strategic outlook

Spectrum, a new annual conference, will focus on the medium-term future of Cayman’s financial services industry.

Financial services buoyed by strong demand for entity formations

Cayman’s financial services sector received a boost in the first months of this year with strong growth in fund, company and partnership registrations.

Investor briefing highlights Cayman’s stability, new regulations

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..

Financial services industry showed solid growth in 2020

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.

Economic share of financial services continues to shrink

The Cayman Islands economy grew faster than expected before the COVID-19 pandemic hit last year.

Regulatory framework for virtual asset services adopted

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.
With Cayman's tourism industry in free fall, financial services will be relied up to see Cayman through upcoming lean times

Premier: Tourism industry has collapsed

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: Cayman needs to fight blacklist

Opposition lawmakers expressed concern over reports that European Union ambassadors have recommended the Cayman Islands be blacklisted as a non-cooperative tax jurisdiction.

Under pressure: Responding to the global push to regulate offshore

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.

EDITORIAL – Offshore finance: Time to set the record straight

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.
An aerial view of the business area of downtown George Town, Grand Cayman

EDITORIAL – Offshore under microscope again, with no end in sight

Brace yourselves: Another external “analysis” of Cayman’s offshore industry is coming, and the news is not expected to be good. Quelle surprise.

Delegation promotes financial services

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.

EDITORIAL – EU ‘blacklists’: Raise the Cayman flag, not the white flag

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.

EDITORIAL – No ‘Dutch treat’: Netherlands attacks Cayman via ‘blacklist’

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.”

EDITORIAL – 11th-hour scramble to push through ‘blacklist bills’

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.

EDITORIAL – Paying our respects to one of Cayman’s ‘Founding Fathers’

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.

EDITORIAL – Needed: A report from our woman in Brussels

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.

EDITORIAL – Britain vs. Cayman: A lack of transparency on financial transparency

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.

Letter: Select Vantage Inc. responds

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.

EDITORIAL – ‘Reign-y’ days: UK restraint vs. direct rule

British lawmakers have fired a first shot, but there may be more than one bullet in that gun.

Rahn: Toward a better cryptocurrency

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.

EDITORIAL – Britain and Brussels: The double threat to Cayman’s economy

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.

Weekend Mail Call: Beneficial ownership disclosure

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.

Public financial registers

Today's editorial cartoon

Letter: Public registry would harm legitimate business

Does anyone really think that the true criminals are not smart enough to find another venue to base their money laundering efforts in?

Bush: An obligation to protect the people of the Cayman Islands

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.

Byles: When politics trump respect

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.

EDITORIAL – Paying homage to Cayman’s essential ‘invisible’ giant

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.

Financial services industry: Cayman’s ‘invisible’ giant

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.

EDITORIAL – ‘Brexit’ and ‘blacklist’: Cayman stuck between the UK and the EU?

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.”

EDITORIAL – Butterfield Bank: A half-century of service to Cayman

Congratulations to Butterfield on its “golden” anniversary in the Cayman Islands. Here’s to your next 50 years.

LETTER: Do not give in to to EU’s ‘naked ambition’

Premier Alden McLaughlin, Minister Roy McTaggart and Mr. Saunders deserve to be commended for standing up for Cayman’s financial services industry

JOURNAL: Anti-Money Laundering Conference

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.

EU appeasement

Today's editorial cartoon

20 bills set for final legislative meeting

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.

New captive formations ahead of 2015

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.

Financial services fees pay for 40 percent of Cayman’s government

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.

Lawmakers: Mass of bills to change ‘lives of generations’

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.
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Smith: Has finance peaked?

It’s time to ask a scary question: How much of the financial industry will soon be obsolete?

Government tries again with lawyers bill

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 adds Cayman to tax ‘whitelist’

Italy has included the Cayman Islands on the list of jurisdictions it deems cooperative in tax matters.

Anti-money laundering review Set for 2017

Cayman’s financial services industry, financial regulators and the territorial government are bracing for a mid-2017 review of anti-money laundering regimes.

Financial services industry sees mixed results in 2015

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, government sign new agreement

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.

CIMA to review firms’ cybersecurity plans

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.

Beneficial ownership: Government says US must sign first

The Cayman Islands will not adopt a mechanism for the exchange of beneficial ownership data that is not implemented by the United States.

Cayman hasn’t committed to automatic sharing of ownership data

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.

Mixed reactions to Cayman Islands participation in transparency initiative

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.

Cayman joins iniative for new ‘global standard’ on company ownership info

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.

About 100 companies linked to Cayman in Panama Papers

The Cayman Islands plays only a minor role in the offshore data leak involving the Panamanian law firm Mossack Fonseca.

Premier, minister head to London as beneficial ownership deal unravels

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.

Rahn: Fight or die

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?

Travers: Panama Leaks: Through the offshore looking glass

Absent from the extensive coverage of the Panama Papers leak is any journalistic analysis whatsoever of the evident and coruscating irony.

Hay: The case for offshore

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.

Rahn: The Panama Papers and tax shocks

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?

Premier: ‘Beneficial ownership’ agreement finalized with UK

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.

EDITORIAL – Financial services: What is our message, who is our messenger?

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.

Bershidsky: The risky mix of politics and offshore finance

What purpose do the Panama Papers investigations really serve?

EDITORIAL – The Panama Papers: Dodging the bullet, absorbing the shrapnel

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.

Mitchell: International tax police find new culprit: law firms

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.

Public meeting to explain new Trade and Business License Law

The Ministry of Financial Services is hosting a public meeting Thursday night to explain the requirements of the new Trade and Business Law.

IFC Forum warns common reporting standard will fall short

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.

EDITORIAL – BBC program: A ‘trillion’ thumbs down

The recent BBC documentary on Cayman, "Britain's Trillion Pound Island," is a documentary insult and a journalistic mess.

Is Cayman too shy?

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.

‘Hillary-Speak’ on the campaign trail

"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.

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