Topic: financial services
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.
