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.
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.
Despite Cayman’s reputation for fast-and-easy banking, residents of the islands know the headache that can come with opening a personal bank account. One appointment can turn into several, as would-be clients track down the necessary paperwork and await the weeks-long approval process.
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.
In matters of government policy, it is often difficult to take a dispassionate view. Some would say the modern discourse is so polarized, the strictly rational, factual view is drowned out. In this brief overview, we are going to attempt to lay out a few of the potential implications of the recently passed U.S. tax legislation.
Government officials in the Bahamas are attempting to stay abreast in the competition for attracting international investors and businesses. The island nation recently passed the Commercial Enterprises Bill, which makes it easier for foreign companies to land there and obtain permits for non-Bahamian workers.
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.
New anti-money laundering regulations have been adopted in the Cayman Islands which, from May 31, 2018, will apply to unregulated investment entities as well as regulated funds and more traditional financial services providers.
Not least since the Panama Papers, media around the world have tirelessly repeated allegations that offshore financial centers are secrecy havens that enable financial crime.
With the looming decision by the European Union over which countries to put on a tax blacklist, Cayman should look elsewhere for new business says local attorney Anthony Travers.
Advisers agree the U.S. and Europe are probably 2018’s best bets, while forecasting modest returns in China and Japan, pondering the risky promise of “emerging” economies and minimizing the headwinds of inflation and unemployment.
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.
At an unspecified date in 2019, the Cayman Islands will introduce far stricter privacy protection rules affecting every business that processes customers’ or clients’ personal information.
Buying shares with the help of cash flow as a selection criterion has delivered convincing results in the past. This trend is likely to continue in an environment of low growth – and low interest-rates.
With the Brexit referendum decided and David Cameron’s resignation announced, we look at the key impact of the referendum decision on the non-European fund industry.
There has been a flurry of activity over the past six months in the halls of the Financial Services Ministry in Cayman and its counterparts in the United Kingdom and the other overseas territories on how and when to share company ownership information with law enforcement and tax authorities overseas.
Cayman retains many secrecy features – not least a law that can put people in jail not just for revealing confidential information, but merely for asking for it.”
As soon as she finished her degree qualifications in Canada and embarked on her job search, Angilynn Chan-Baraud began to explore her global mobility options.
Kevin Mitnick, who once was on the FBI’s Most Wanted list and is now a computer security consultant, took to the stage at the Cayman Alternative Investment Summit to show off some of the newest ways hackers are breaking into computer systems.
Who could have ever imagined a world where you lend money with the full acknowledgement that you will be repaid less than the amount owed? So, rather than receiving interest on your hard-earned cash, you pay the borrower for the privilege of taking this cash off your hands.
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