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Topic: Ministry of Financial Services

Financial services ministry hires US PR firm for $300K

The mandate for Hill+Knowlton Strategies to communicate Cayman’s position to the US government runs from 1 Feb. until the end of the year.

Government proposes changes to Tax Information Authority Law

Government has released a bill aims to strengthen compliance, enforcement and cooperation functions of the Tax Information Authority. The Tax Information Authority (Amendment) Bill, 2020 was gazetted on Friday, 29 May and will be presented by the Minister of Financial Services at the next meeting of the Legislative Assembly.

Government amends framework for exempted limited partnerships

Government is reducing the registration fees for exempted limited partnerships that are registered with the Registrar of ELPs within General Registry and regulated by the Cayman Islands Monetary Authority. The Exempted Limited Partnership (Amendment) Regulations, 2020 were gazetted on Friday, 22 May and took immediate effect.

Financial services ministry increases remote working efficiency

The Ministry of Financial Services and its related entities have instituted changes to increase the efficiency of operations to support the work of the financial services industry during the coronavirus pandemic.

Annual company fees deferred

The government has deferred the payment of annual fees for corporate entities registered in the Cayman Islands until 30 June.
An aerial view of the business area of downtown George Town, Grand Cayman

Government meets with banks to discuss requirements for charities

Officials from the General Registry and the Ministry of Financial Services have met with local banks to address concerns over onerous banking requirements for charitable organizations, specifically in relation to problems experienced by nonprofit organizations to open bank accounts.

Minister Rivers to meet EU officials on tax blacklist

Minister of Financial Services Tara Rivers will meet EU officials in Brussels this week to continue government’s discussions about the EU’s list of non-cooperative tax jurisdictions.

US tax reform debate over, but firm still representing Cayman

Leading up to last year’s debate in the U.S. over federal tax reform, government hired the multinational law firm Baker Botts to advocate for Cayman’s financial sector in Congress.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Ministry updates financial services industry on EU graylist commitments

The Ministry of Financial Services met with members of Cayman’s financial services industry associations to discuss several commitments made to the European Union Code of Conduct Group for Business Taxation (EU COCG) as part of its evaluation of jurisdictions for tax purposes.

New legislation intended to prevent terrorist financing

Government currently has no idea about how many nonprofit organizations operate in the territory, according to Ministry of Financial Services and Home Affairs Policy Officer Wilbur Welcome. Such lack of information is a problem for a jurisdiction susceptible to being used for terrorist financing and other nefarious activities, he said.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Security trumps convenience for beneficial ownership platform

Following an industry consultation, the Ministry of Financial Services has selected a type of beneficial ownership platform that it says is “highly secure” but “less convenient” for the financial service providers.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Ministry responds to Compass editorial

I would be grateful if you could publish this letter to clarify and correct two key points made in your editorial of March 8.

Cayman officials discuss bank de-risking in the US, Bahamas

Officials from the Ministry of Financial Services and the Cayman Islands Monetary Authority held a second round of talks in Washington, D.C., in December about the danger of U.S. banks severing their business ties with banks in the Caribbean.

Christmas cheer for families

The Needs Assessment Unit raised money last year to sponsor a number of families for Christmas in Grand Cayman and Cayman Brac. The families were chosen based on their circumstances and their demonstrated efforts to improve their situation.

Second public consultation period on beneficial ownership

Government has announced the start of a second public consultation period for the planned exchange of beneficial ownership information with foreign law enforcement and tax authorities through a centralized platform.

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.

Cayman Finance celebrates student education, work program

The second year of the Cayman Finance Student Education and Work Experience Programme has concluded after nine weeks of workshops and mentor sessions and a four-week work placement component.

FATCA notification and reporting due dates extended

The Cayman Islands government has extended the soft enforcement due dates for notification and reporting under the U.S. Foreign Account Compliance Act and its U.K. equivalent to Friday, Sept. 2.

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.

Cayman Finance supports beneficial ownership ‘enhancement’

Cayman Finance said it supports the agreement concluded between the Cayman Islands government and the United Kingdom over improvements to the way beneficial ownership information is collected and exchanged with foreign tax authorities and law enforcement.

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.

New copyright law seen as attraction for tech companies

New copyright laws will be coming into force this summer and new trademark legislation is expected in the fall, said Financial Services Ministry chief officer Dax Basdeo, speaking on a panel at the Impact16 conference this week.

Ministry: Legislative changes concerning beneficial ownership and privacy coming

Following the release of the “Panama Papers,” the Cayman Islands Ministry of Financial Services has issued a statement saying “the disclosure has further amplified the need for global cooperation,” but it would need to be in accordance with accepted international standards.

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.

Workshop set for micro and small businesses

Micro and small businesses are invited to a free workshop, “Financing Options for Micro and Small Businesses,” at 5:30 p.m. Wednesday at the Chamber of Commerce in Governors Square.

Cayman Finance holds inaugural members briefing

Cayman Finance held its first members briefing last week to outline its plans for 2016 and to demonstrate its value to the financial services industry.

Minister: Glass House cannot be reused

Cayman's planning minister says the old Glass House government administration building can't be saved.

Business in brief

KeyTech Ltd. and CellOne to combine operations; The Security Centre Ltd. celebrates new office opening; Cayman Finance’s student program a success; Harneys opens Bermuda office; Maples and Calder grants scholarships to six Caymanians; Caymanian seconded to Intertrust Hong Kong

Chamber offers workshops for small businesses

The Cayman Islands Chamber of Commerce is starting a series of free monthly workshops to assist small businesses.

National risk assessment reveals major money laundering threats

The island-wide evaluation of money laundering risks in the Cayman Islands has revealed outdated laws and regulations, weak supervision of nonprofits and non-financial organizations, and insufficient international cooperation.

Frustration, confusion over cash transfers

Venting frustration and looking for solutions, hundreds of workers from overseas, mainly from Jamaica, packed into the town hall in George Town on Tuesday night, looking for solutions to the problem of sending cash home.

Cash transfer firms no longer accepting Cayman dollars

With no new bank stepping forward by Tuesday’s deadline, cash transfer services that are still operating on island announced they would no longer accept Cayman Islands currency.

Cayman will implement OECD automatic exchange this year

More than 90 jurisdictions around the world have committed to the implementation of the common reporting standard.

Public consultation rejects beneficial ownership registry

The Cayman Islands government announced it will not implement a central register of beneficial ownership information.

Jude Scott named new Cayman Finance CEO

Jude Scott succeeds Gonzalo Jalles, who stepped down in November as CEO of the association that represents Cayman’s financial services.

Futurologist: Digitalization will 'disrupt healthcare, economy'

Driven by Moore’s Law which stipulates that computer power doubles every 18 months, computer chips and the internet will capture and control every facet of life.

Credit card expenses published, hard to find

Government ministries comply - in varying degrees - with directives to proactively release credit card statements.

Business in brief

A roundup of local business briefs.

McKeeva Bush: Staffing issues foil government accounting efforts

The former premier blames failures with financial accountability in his ministry on lack of staff.

Business in brief

A roundup of local business news.

Business in brief

A roundup of local business briefs.

Government budgets for 
100-plus staff increase

The Cayman Islands government plans for a modest staff increase during the 2014/15 budget year.

Australian authorities drop Cayman tax evasion charges

Australian authorities have dropped tax evasion and money laundering charges involving entities in the Cayman Islands.

Cameron urges OTs again to adopt public registries

British Prime Minister David Cameron has once again called on the UK Crown Dependencies and Overseas Territories to implement beneficial ownership registries.

Business in brief

Business in brief.

Cayman Finance calls for more government support

Gonzalo Jalles, CEO of Cayman Finance, has called on government to do more to promote and defend the Cayman Islands financial services industry.

Cayman, US sign FATCA pact

The Cayman Islands and the United States signed an agreement last week that will be the basis for the automatic exchange of tax information under the U.S. Foreign Account Tax Compliance Act.

Ministry, green groups support conservation bill

Environmental groups support the National Conservation Bill, saying the decade-old legislation balances development and conservation priorities.

Grassroots challenge to FATCA in Canada

Grassroots movements in both Canada and Switzerland are challenging their governments to deny signatures to Washington’s Internal Revenue Service and the “intergovernmental agreements” committing them to the Foreign Account Tax Compliance Act.

Gov’t financial reports lack timely release

Government's financial accountability is improving, but its transparency regarding financial statements still needs some work.

Premier: Budget criticisms ‘have merit’

Cayman's top elected official says he wishes the government budget process was more descriptive and less cumbersome.

Editorial: Government math: Show us your work

The government's budget documents are too complex, yet too vague.

Business in brief

Business in brief

Gov’t ‘output budgeting’ leaves more questions

Advice on how to make Cayman's government budget more understandable has apparently been cast aside for 2013/14.

FATCA seminar hears of stiff penalties

Washington’s Internal Revenue Service has at least seven ways to catch those trying to avoid its Foreign Accounts Tax Compliance Act, and a Department of Justice database on 33,000 taxpayers to help.

Cameron: Cayman not a tax haven

UK Prime Minister David Cameron said in the House of Commons on Monday he believes British Overseas Territories and Crown Dependencies should not be labeled “tax havens” since they have agreed to take the necessary action on tax information exchange with the UK, international tax cooperation and beneficial ownership earlier this year.

New senior ministry officers announced

Government recently appointed three new deputy chief officers to various ministries.

Nicholas McLean wins coveted gov’t employee of year award

The Deputy Governor's Employee of the Year Award went to Nicholas McLean with the Department of Education.

US tax info exchange deal nears

Scrutiny of the financial affairs of the US and US-affiliated citizens in the Cayman Islands came a giant step closer on Tuesday as local and Washington officials announced they had initialled tax-information-exchange agreements.

New leaders get media savvy

Leadership Cayman has its first meeting with the media in the Cayman Islands.

Quality of government figures still a problem

The quality of financial statements from government ministries and portfolios is causing concern for Auditor General Alastair Swarbrick.

Gov’t needs ’net savvy

Too few government websites have good information on public records.

Fire Services mum on sex assault review

An independent review of the internal complaints procedures of the Fire Services Department following the conviction of a fireman for indecent assault on a female colleague has been completed.

Smaller lot sizes recommended

A committee reviewing the Development and Planning Law and Regulations

CI insurance sector thrives

More than 30 private sector and government delegates attended the recent American Society of Health Risk Managers conference in Denver, Colorado.

Cayman signs TIEA with France

The Cayman Islands signed another Tax Information Exchange Agreement on 5 October 2009.

CITA suggests privatisation

The Cayman Islands Tourism Association wants to see government return to its primary purpose of running the islands and part from some of its non-performing, heavily subsidised operations.

Matrix owner: “I lost $500,000”

The Caymanian owner of scrap metal company Matrix International said his investment of US$500,000 in the firm was used to pay the government to buy metal debris at the landfill.

Matrix local partner to be probed

The Public Accounts Committee will question the Caymanian partner of the scrap metal company that left local contractors $300,000 out of pocket when it failed to complete its government contract.

Bush on tourism campaign trail

Cayman tourism authorities need to work more closely with the private sector to stem the falling numbers of stayover and cruise tourists, according to McKeeva Bush.

Cayman signs tax treaty with UK

Representatives from Cayman Islands Government signed a double taxation agreement with the United Kingdom on Monday.

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