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.
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.
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.
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.
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.
The British government announced a new public register that from 2021 will require overseas companies that own or buy property in the U.K. to identify their beneficial owners to tackle money laundering through property transactions.
On Dec. 5, the EU Council agreed, after long debate, haggling and horse trading, on a blacklist of 17 countries that the European finance ministers consider uncooperative in tax matters. They also voted on a commitment list of 47 countries that would be deemed uncooperative, according to the EU’s own criteria, had they not agreed in writing to remedy their shortcomings by the end of 2018.
For a country like Cayman whose currency is tied to the U.S. dollar and therefore to the whims of the U.S. Federal Reserve’s monetary policy actions, the Cayman Investment Summit had a decidedly gloomy message: the U.S. dollar-led global currency system is in urgent need of reform and central banks have essentially no power to affect monetary or economic goals.
The Chamber of Commerce celebrated 16 Grand Award recipients at the Chamber of Commerce Business Excellence Awards at The Ritz-Carlton, Grand Cayman in October. The inaugural event attracted more than 200 guests, as well as Joseph Hew, the Minister of Commerce, Planning and Infrastructure, and Roy McTaggart, the Minister of Public Finance and Economic Development, both past presidents of the Chamber of Commerce.
Hurricanes Irma and Maria disrupted many sectors of the economy but none more so than the cruise industry. The shares of major cruise line operators Carnival, Royal Caribbean and Norwegian Cruise Line faced significant headwinds in September.
Almost 20 months after the buyout of Barclays’ trust and fiduciary business and the launch in seven jurisdictions, trust and corporate service provider ZEDRA finally held its official launch party in Cayman in October.
- Advertisement -
The Journal is an authoritative broadsheet, featuring in-depth reviews on local and
international business and finance issues that have an impact on Cayman Islands.