Topic: Wayne Panton
Minister: No new draft of lawyers bill
Although the Cayman Islands government still intends to pass a version of the controversial Legal Practitioners Bill, it will not propose entirely rewritten legislation for this month’s Legislative Assembly meeting.
Government: European Commissioner recognizes Cayman’s tax transparency regime
European Commissioner Pierre Moscovici at a meeting with Cayman Islands Financial Services Minister Wayne Panton in Brussels last week said he recognized the strength of Cayman’s tax transparency regime and its participation in the OECD’s base erosion and profit shifting inclusive framework, according to a press release from the Cayman Islands Government.
Panton, Wayne
Wayne Panton is a Progressives candidate for Newlands.
Indian High Commissioner on courtesy visit
The High Commissioner of India visited the Cayman Islands last week, where he held meetings with Governor Helen Kilpatrick, Acting Premier Moses Kirkconnell, Financial Services Minister Wayne Panton and other Cabinet members.
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.
Opposition MLAs question boxing ticket giveaway
Complimentary tickets for Saturday’s Island Rumble – attended by Philippines boxing legend Manny Pacquiao – were being handed out Friday at the Progressives Bodden Town MLA office, according to text messages sent around last week.
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.
Government: ‘Critical errors’ in tax haven report
A report by aid agency and advocacy group Oxfam which names Cayman the world’s second worst tax haven – behind Bermuda and ahead of the Netherlands – is riddled with errors and misinformation trying to influence public policy, the Cayman Islands government said in a statement.
Design rights, patent changes now in force
As part of a years-long push to modernize intellectual property rights protections in the Cayman Islands, government published two new laws this week. One creates a new class of intellectual property for “design rights” and the other has amendments to try to keep frivolous patent claims out of Cayman’s courts.
Cargo ship slams coral reef in George Town harbor
Significant damage was done to a coral reef in George Town harbor early Friday after a 328-foot cargo vessel struck the shallow area with its hull, Department of Environment officials said.
Premier talks Brexit, budget, beer in London
The Cayman Islands government may wish to pay off some of its $500 million in debts early, according to statements made during the week-long Joint Ministerial Council meeting in London.
EDITORIAL – Head-on collision: New highway and environmental law
A highway is plotted directly through the “ecological heart of Grand Cayman.” On one side are elected leaders who support the project. On the other are officials charged with protecting the environment. What we have here, folks, is a high-stakes game of chicken.
Legal Practitioners Bill stalled, may return for vote in 2017
Another attempt to pass modern regulatory standards for Cayman Islands lawyers ahead of an international financial review failed Tuesday as the Progressives-led administration agreed to push back a vote on the Legal Practitioners Bill (2016) until the next Legislative Assembly meeting is held, possibly in January.
Minister: We won’t ‘nationalize’ law firms
The redrafted Legal Practitioners Bill will provide more and greater opportunities for Caymanian attorneys to get jobs and promotions in the legal profession than ever before, Financial Services Minister Wayne Panton said last week.
Liquor Licensing Board chairman quits after 10 months
The chairman of Grand Cayman’s Liquor Licensing Board has resigned after 10 months in the position. Commerce Minister Wayne Panton confirmed Monday that Campbell Law had left the board, citing other pressing responsibilities.
Last-minute meeting called over lawyers bill
A snap public meeting has been called for Thursday night over the controversial Legal Practitioners Bill, just days before the legislation was expected to come before parliament for a vote. Financial Services Minister Wayne Panton said the Progressives-led government still expects to bring the amendment bill for a vote during the current meeting of the Legislative Assembly.
Same-sex marriage: In their own words
Lawmakers spent most of the day Oct. 6 debating whether the Cayman Islands should hold a public referendum on allowing same-sex marriage in the territory. The referendum motion failed by a 9-to-8 party line vote. Below are excerpts from the debate from each legislator who spoke in the debate.
New rules for nonprofits approved, despite concerns
Cayman Islands lawmakers approved legislation Wednesday that will register and regulate nonprofit organizations, in a bid to prevent such groups potentially being used as cover for illegal activities such as money laundering or terrorist financing. Financial Services Minister Wayne Panton said there were no instances reported locally in which charities were used to such an end.
New laws ‘modernize’ trademark, design rights
New protections for trademarks, design rights and patents passed through second readings in the Legislative Assembly on Wednesday, part of the Commerce Ministry’s years-long push to modernize intellectual property protections in the Cayman Islands.
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.
Bill aims to update intellectual property rights
With an updated law governing copyright that came into force earlier this year, government published a suite of new laws and amendments last week to update trademark, design rights and patent rules.
Discounted licenses extended for small businesses
Government has extended trade and business license discounts for small businesses and free licenses for “micro businesses,” such as ice cream trucks, through the end of 2017.
Enforcement officers fighting poaching
Environment officials are concerned about an apparent rise in poaching despite new legislation increasing the powers of conservation enforcement officers and providing new legal protection for a variety of species.
EDITORIAL – Force of ‘nature’: An activist on the public payroll
Any “environmentalist” worth his or her salt is a fierce soldier, eager to take up arms against perceived adversaries. Remember that if your battle cry is “save the environment,” it must be saved from someone — that is, other humans.
Full National Conservation Law now in force
The final sections of the National Conservation Law, including a legal requirement for threats to the environment to be considered in planning decisions, came into force Monday.
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.
$6 million allotted for land conservation
The National Conservation Council has welcomed the allocation of $6 million from the Environmental Protection Fund to buy up land to create protected areas.
Cayman Development Bank turns around financial results
The Cayman Islands Development Bank has posted a net profit of about $53,000 in its 10-month interim results compared to a loss of nearly $670,000 in the previous full year.
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.
EDITORIAL – Cayman’s upcoming brutal battle on beneficial ownership
In regard to the Cayman Islands’ stance on financial services transparency, there is no room for lack of clarity.
Premier wants ‘seat at table’ in talks
Addressing world leaders at the Anti-Corruption Summit in London on Thursday, Premier Alden McLaughlin defended Cayman’s anti-money laundering and tax avoidance regimes and called for a seat at the table in developing a new global standard on sharing information about who owns companies and trusts.
Cayman joins beneficial ownership initiative
The Cayman Islands will join a new United Kingdom-led initiative on developing a global standard for sharing information on ownership of companies and trusts, the Ministry of Financial Services announced Wednesday.
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.
EDITORIAL – Supporting our Cayman delegation in London
“Politics stops at the water’s edge” is the now-famous saying by Arthur Vandenburg, the former Republican chairman of the Senate Foreign Relations Committee, who called for a stop to partisan politics when international relations were concerned.
Uncertainty remains over who will respond to companies requests
Cayman Islands government officials are still trying to decide who will be responsible locally for handling formal requests for company and trust ownership information under an agreement they signed with the United Kingdom last month.
Minister: Company option to make Cayman ‘more competitive’
Cayman Islands lawmakers have approved a Delaware-style limited liability company arrangement as a new type of business vehicle for the local financial services industry.
Panton explains Cayman to Euro parliamentarians
Following an invitation by the European Parliament’s TAXE2 Committee, Minister of Financial Services Wayne Panton outlined to the committee members in Brussels last week how the Cayman Islands financial services industry supports the global economy and the various mechanisms through which Cayman collaborates with other countries in international tax matters.
Remittances dropped sharply last year
In 2015, the amount of money being sent overseas as remittances dropped by US$10 million over the year before. Many expats, especially low-wage workers, were shocked when they no longer had easy access to send cash home. However, the situation has improved, with Western Union and the other cash transfer companies back open and accepting local currency.
Maritime Week aims to give boost to local economy
Organizers of the inaugural Cayman Maritime Week say they anticipate it will have positive long-term effects on the Cayman Islands economy.
Royal visit for Little Cayman’s Central Caribbean Marine Institute
Prince Edward and his wife Sophie, the Earl and Countess of Wessex, visited Little Cayman at the invitation of the Central Caribbean Marine Institute.
Cayman and UK officials discuss beneficial ownership
Following an invitation from Premier Alden McLaughlin at the Joint Ministerial Council in London last December, senior representatives from the U.K.’s National Crime Agency and the Foreign and Commonwealth Office visited the Cayman Islands last week to discuss cooperation between both countries’ law enforcement agencies and Cayman’s progress in enhancing its beneficial ownership information regime.
EDITORIAL – Government stays underwater on Allen’s reef proposal
Who will speak for our reefs, if not the Cayman Islands Ministry of Environment?
New courthouse closer to reality
Chief Justice Anthony Smellie announced on Wednesday the specific steps that have been taken to make a new courthouse a reality.
He was speaking at the formal opening of Grand Court for 2016 after a ceremonial inspection of a police guard of honor outdoors.
Savannah celebrates seniors
Savannah Newlands revelers were out in full force at the senior citizens’ Christmas party on Wednesday, Dec. 16.
Longtime liquor licensing chairman replaced in board shake-up
A new Liquor Licensing Board is ushered in, along with a new regime for local liquor-related businesses.
Cayman’s combat with climate change: A bunch of hot air
Any second that Cayman spends on attempting to combat climate change will constitute a waste of time, energy and money.
New energy, climate change policies planned
Government is planning a review of its draft energy and climate change policies early this year in light of ambitious new targets established at a world summit in Paris last month.
Gambling, Liquor Law changes come into effect in new year
Cruise ship passengers still will not be able to gamble within Cayman Islands territorial waters next year, but gambling will be allowed on ships flying the Cayman Islands flag for the first time.
New trade and business licensing law comes into effect
The new Trade and Business Licensing Law which aims to improve compliance with licensing rules will come into force on Jan. 1, 2016.
Corals harvested for beauty products
A U.S. cosmetics company has been granted rare permission to harvest small amounts of soft corals in Cayman’s waters for use in beauty products.
Jamaica National again accepting CI dollars
Jamaica National Money Services, along with MoneyGram and QuikCash,
can once again take Cayman Islands dollars for remittances, almost four
months after the companies had to restrict cash transfers to only U.S.
currency.
Panton proposes beneficial ownership deal
Government proposed what it calls a “centralized platform” for beneficial ownership information where service providers would keep the information and investigators would be able to access the data when necessary.
Premier: Cayman unmoved on beneficial ownership
The Cayman Islands and other U.K. Overseas Territories have agreed to implement centralized registers of beneficial owners of companies or “similarly effective systems” at the Overseas Territories Joint Ministerial Council Meeting this week.
Overseas Territories, London officials expect to broach beneficial ownership issue
Premier Alden McLaughlin and a six-member Cayman Islands delegation attended Tuesday afternoon’s opening session of the three-day annual Joint Ministerial Council in London. Ongoing questions of beneficial ownership are expected to be among the more contentious subjects addressed among the group of 12 Overseas Territories and Foreign and Commonwealth Office leaders.
JN Money Services pushes CIMA on cash transfer move
Just days after the sudden reopening of Western Union, Jamaica National Money Services says it is renewing calls for government to help the remittance company resume taking Cayman currency.
Deal reboots KYD remittances, leaves out Jamaica National
A deal between Western Union, Scotiabank and Jamaica-based GraceKennedy Money Services means people can now use Cayman Island dollars to send remittances overseas, but it’s not without its critics.
Premier McLaughlin stands up against populist pandering
We applaud Premier Alden McLaughlin for his response to intemperate, irresponsible and divisive remarks made by his elected colleagues.
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.
Call for greater ownership opportunity for Caymanians
Caymanians are being prevented from getting to the top in the best paying professions in the country, MLA Winston Connolly claimed as he proposed changes to legislation governing business in the territory.
Port politics: 'The Council' comes to life
Flexing its muscles against its creator, the National Conservation Council is attempting to impede the Progressives government’s pursuit of the cruise berthing project downtown.
Bad loans continue to plague development bank
Almost a third of active loans with the Cayman Islands Development Bank were past due as of the end of the 2013-2014 fiscal year, according to financial statements tabled at the Legislative Assembly this week.
Panton: Spearfishing rules may be changed
Environment Minister Wayne Panton indicated Wednesday that long-standing rules banning the importation of spear gun parts and the granting of new spearfishing licenses could be changed, depending on recommendations from the National Conservation Council.
The issue was raised Wednesday in the Legislative Assembly.
Clock ticking on daylight saving time
A committee involving financial industry and tourism officials has been established to help ensure a glitch-free transition when the clocks go forward in the Cayman Islands for the first time in March.
Development bank restarts loan program
Having just refinanced nearly US$37 million in debt held over from previous government administrations, the Cayman Islands Development Bank is back in business.
The government-appointed entity had shuttered its loan business for nearly two years at the start of the Progressives-led government’s term.
Finance minister: People ‘giving up’ on mortgages
Homeowners who are simply “giving up” on current mortgages and leaving the Cayman Islands make up the second most common reason for bank foreclosures, Finance Minister Marco Archer said Monday.
Two CIMA board members not available
Two Cayman Islands Monetary Authority board members appointed earlier this year are unable to serve their three-year terms for various reasons, and replacements will have to be found, Financial Services Minister Wayne Panton confirmed Monday.
Church raffles legalized in Gambling Law change
Raffles held by community organizations and church groups have been legalized under changes to the Gambling Law.
Liquor license holders get extended 'grace period'
Cayman Islands liquor license holders who do not currently own or operate a liquor-related business will now get up to five years to retain those licenses, during which time they can apply for a business license.
Dock protest draws 250-300
About 250 to 300 people, many of them holding placards expressing their objections, braved blistering-hot late-afternoon sun to attend the protest held at the waterfront across from Cardinall Avenue.
Petition leads to Mortgage Law proposal
A public push to lobby banks for leniency on home mortgages has led to a legislative effort to change Cayman’s lending rules.
Cruise ship dock business case predicts up to US$439 million benefit
The final business case for the cruise pier project estimates a potential economic upside of some US$439 million over 20 years for the Cayman Islands.
Even if the worst economic impacts associated with the loss of reefs in George Town harbor were realized, consultant PwC concluded in its report that the project would still deliver a net benefit to the economy of US$112 million.
