Tuesday, September 25, 2018
Michael Klein, Editor
Michael Klein, Photo-Journalist

Michael Klein

Editor

Pinnacle Media Group Ltd
PO Box 1365 GT
Grand Cayman KY1-1108

T: 345-815-0064
E: [email protected]

ARTICLES BY MICHAEL KLEIN

Crown Dependencies consult industry on substance legislation

The governments of Jersey, Guernsey and the Isle of Man are asking businesses for their views on proposed new legislation that will require certain tax-resident companies to demonstrate they have sufficient substance.

New rules shake up anti-money laundering services

Cayman’s fund industry is facing significant changes under new regulations to fight money laundering and the financing of terrorism.

Cryptocurrencies no threat to financial stability, yet

Cryptocurrencies are currently not a threat to financial stability, according to the Financial Stability Board, a global regulator that advises the G-20 group of countries.

Gov’t plans public consultation on ‘economic substance’ changes

When late last year, Cayman avoided being placed on an EU tax blacklist by committing to remedy, before the end of 2018, what the EU called a lack of economic substance of Cayman-based entities, few knew what exactly the Cayman Islands government had promised to do.

Global economy: OECD study shows long-term merits of structural reform and...

The reversal of trade liberalization and a return to the average tariffs of 1990 would depress the world’s long-term living standards by about 14 percent worldwide and as much as 15 to 25 percent in the most affected countries.

Cayman’s reputational risk and blockchain

The Cayman Islands is facing somewhat of a dilemma. Although its regulatory regime is not tailored to cryptocurrencies, token offerings or distributed ledger technology, Cayman became home to the world’s largest initial coin offering this year.

Economist: Moderate US growth to impact Cayman

Moderate growth in the U.S. in the context of a wider global slowdown led by reduced consumer demand is going to impact Cayman, especially in the tourism sector, according to Lindsey Piegza, chief economist at Stifel Fixed Income.

Offshore insolvency petitions on the rise

The number of insolvency petition filings in offshore jurisdictions increased significantly in 2017. The jump in petition filings was based on more activity in the British Virgin Islands and Mauritius, which offset falls in the Cayman Islands and Isle of Man, according to a report from offshore law firm Appleby.

The threat of public beneficial ownership registers

Even for jurisdictions that are used to moving goalposts in terms of international regulatory pressure, the passing on May 1 of a cross-party amendment to the Sanctions and Anti-Money Laundering Bill in the House of Commons, effectively ordering British Overseas Territories to establish public registers of beneficial ownership, was unique.

Maritime and Aviation City welcomes first zone company

Cayman Maritime & Aviation City and The Civil Aviation Authority of the Cayman Islands announced the registration of its first special economic zone company in May.

Economy grows, but questions remain over regulatory pressure

Cayman’s economy expanded more than anticipated in 2017. Gross domestic product grew by 2.9 percent in real terms following similar growth of 3 percent in 2016 and 3.1 percent in 2015.

Brexit, Silk Road and de-risking – the future of offshore centers

It is difficult to see a bright future for offshore financial centers amid media attacks, international tax information exchange, initiatives to curb cross-border profit shifting by multinational companies, anti-tax avoidance measures, transparency efforts that erode financial privacy and more extensive compliance rules.

Rapid technological advances outpace risk management

Risk management processes are not sufficiently taking account of the business risks associated the rapid adoption of emerging technologies, according to a report by insurance broker Marsh and RIMS, the risk management society.

Regulating cryptocurrencies

Cryptocurrencies like bitcoin, blockchain technology and initial coin offerings (ICOs) have been the buzzwords in the tech sphere for the past couple of years.

Forget left and right – the new political divide is between...

Major political events in recent times, from Brexit to the U.S. presidential elections, have been framed in the context of a debate between “open” and “closed” rather than “left” or “right.”

Cayman moves up financial rankings

The twenty-third edition of the Global Financial Centres Index (GFCI 23) ranked the Cayman Islands as the 22nd best financial center in the world out of 110 total jurisdictions. Cayman’s ranking improved nine places over the last year and was the highest among all U.K. Overseas Territories and Crown Dependencies.

Getting inflation right in 2018

Had the Cayman Alternative Investment Summit taken place in early January instead of February, all the talk about investment risks and threats to the economy would have been about geopolitics.

CEOs optimistic despite increasing anxiety over threats to growth

A record-breaking share of chief executive officers are optimistic about the economic environment worldwide, at least in the short term.

Improving operational efficiency is top priority for private equity CFOs

Faced with increased competition, investor scrutiny and pressure on fees, private equity financial chief officers are looking to increase operational efficiency, but according to the EU 2018 Global Private Equity Survey, there is not a single clear strategy followed by the industry.

Social media disruption hits traditional media and tech platforms

As the sharing of false or misleading “news reports” on social media has become a global issue, after accusations that Russia tried to influence votes in the United States, Britain and France, technology companies like Facebook and Twitter have been hit with considerable criticism about their impact on society and on the journalism industry.
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