Monday, November 18, 2019

Complying with CFATF standards will cost Cayman millions

After the Caribbean Financial Action Task Force released its scathing report in March on the shortcomings in Cayman’s anti-money laundering and counter-terrorist financing regimes, government officials promised a “comprehensive action plan” to address the shortcomings and avoid having the territory placed on a CFATF grey list.

Transportation: Traffic initiatives planned for Cayman

The current debate about traffic congestion on Grand Cayman has brought about all kinds of hypothetical solutions.

What’s new in transportation?

As new development and upgraded infrastructure continue to improve Grand Cayman, in particular, transportation services are upping their game as well.

Insurance: Drones, imaging tech could save insurers millions after hurricanes

Sitting at his desk on the second floor of the Saxon Centre on Eastern Avenue, Saxon technology manager Mitchel Wright pulled up a digital image of the Newlands area on his computer.

Cayman continues to refine and enhance its Trusts Law

On March 8, 2019, the Legislative Assembly approved a broad series of enhancements to the Trusts Law of the Cayman Islands as described in the Trusts (Amendment) Bill, 2019. While some of the enhancements are highly technical in nature, there are four key changes to be aware of.

Tax: Economic substance in Cayman — ‘I know it when I see it’

The Tax Cooperation (Economic Substance) Law has created a similar dilemma. It requires legal practitioners to advise, and government officials to determine, whether or not an entity is a relevant entity, and if is a relevant entity, whether or not it is carrying out a relevant activity.

Interest Rates: Don’t fight the Fed

In the current economic environment, in which the Federal Reserve has put a rate-hike campaign on hold and is set to end balance sheet reduction, citing increased risks to US economic growth, risk assets should outperform.

Financial Services: How cryptography unlocks next generation financial services

While we may not realise it, cryptography has been a part of our everyday life for the last decade – from our Facebook password to our Netflix account details – and now it is changing how people go about their financial business.

Cayman’s property market: ‘Don’t call it a boom’

Cayman’s real estate market is thriving by any measure. Total property sales reached a record $800 million last year, an 18 percent increase over 2017. The number of property transfers, at 1,857 transactions, was 9 percent higher year on year. Construction activity, meanwhile, continues unabated all over the island.

What CUC needs to do to go ‘green’

On Jan. 15, the Caribbean Utilities Company announced that government accepted its integrated resource plan, a road map for how the territory will produce its energy over the next 30 years.

Quality financials prompted Cayman National takeover

March 13 was a red-letter day for Cayman National Corporation Ltd. That was the day the Trinidad-headquartered Republic Group finalised its acquisition of Cayman National, making the territory’s only local bank local no longer.

Plastic-free push gains momentum

Plastic, the miracle material invented 112 years ago, has morphed into the scourge of the modern era. Reports abound about tons of plastic debris washed up on shores, swirling about in oceans and rivers and found inside the bodies of fish.

Where next with the EU tax blacklist?

On March 12, government and the financial sector awaited with bated breath the outcome of the European Union’s evaluation of Cayman’s tax regime.

Environment: Managing waste becoming more than reduce, reuse, recycle

Each year, Cayman adds about 90,000 tonnes of waste to a single landfill site that already contains 1.5 million tonnes of garbage. In an area of 37 acres, this means the trash piles nearly 90 feet high.

Environment: What’s new on the green front

Cayman is making strides when it comes to going green. From sustainable construction practices to renewable energy programmes, Cayman is moving forward on the green front.

Cayman soars in Global Financial Centres Index

The Cayman Islands jumped from 29th to 21st position in the twenty-fifth edition of the Global Financial Centres Index.

Economic forecasting: Is its predictive power fading?

One of the challenges that many investors have faced in interpreting economic forecasts is the fact that despite the predictive relationship of the data there are always questions left unanswered regarding cause and effect (the chicken and egg dilemma).

Beyond towers: CEO speakers provide glimpse into the future

Premier Alden McLaughlin’s announcement that Dart is planning an “iconic tower” that would “greatly exceed” the territory’s 10-story building limit was the biggest news to come out of last week’s Cayman Economic Outlook conference.

Special Report: Record tourism drives resort boom

Grand Cayman has been seeing a wave of new hotel developments catering to the luxury travel market.

Special Report: Residential real estate market takes off

By all accounts, the residential real estate market in the Cayman Islands is in boom territory, as demand increases, the economy continues to be healthy, and consumer confidence is on the rise.
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