On 15 March the Cayman Islands Government announced its intention to sign an agreement with the US authorities to adopt a Model 1 Intergovernmental Agreement (IGA) in response to the US Foreign Account Tax Compliance Act.
Insider trading was the focus of a recent seminar for financial industry leaders.
At the end of January Cayman Finance, the association representing Cayman’s financial services industry, appointed its first CEO, Gonzalo Jalles. The Journal met with him to discuss some of the current issues facing the financial services industry.
At the Global Compliance Solutions 8th Annual Anti Money-Laundering / Compliance and Financial Crime Conference, the Journal talked to the key note speaker, former undercover FBI agent Joe Pistone, about infiltrating the mafia, violence and how the movie Donnie Brasco differed from real life.
With the repeated failures of Self Regulating Organisations (SROs), corporations and other institutions, the most recent being the Libor rate fixing scandal, it is unsurprising that regulators increasingly view good governance as a primary guardian of environmental, social and economic value for society.
The revised Patents and Trade Marks Law creates a new local industry in Cayman.
The Cayman Islands Chamber of Commerce Pension Plan is the first pension organisation in the Cayman Islands to confirm compliance with the CFA Institute Code of Conduct for members of a pension scheme governing body. Robert Dannhauser from the CFA Institute says by adopting the code the Chamber plan is leading its profession.
Banking + Basel III + Insurance + Solvency II = Cayman opportunities, says Paul Peene of Caledonian Global Financial Services.
The proposed rules issued by the US Treasury Department and the IRS have provided Foreign financial institutions with much needed guidance on the requirements and implications to their operations, helping them as they continue with their impact assessments and implementation efforts, according to Anthony Fantasia, tax partner with Deloitte & Touche in the Cayman Islands.
2012 will see a continuation of the steady growth since 2009 and the opportunity to increase market share, says Ben Leung, managing partner of accounting firm PKF Cayman.
Organising the multitude of events at Camana Bay and keeping them moving smoothly is a big job for a team of two - with a little help from a friend.
While it is not yet certain what the Foreign Account Tax Compliance Act (FATCA) will look like in its final form, the inevitability of FATCA being implemented is clear, tax professionals said. Accordingly, Cayman financial institutions and to a comparatively lesser extent, individuals, should be preparing in anticipation of the mid-2013 registration deadline.
In March 2010, the Foreign Account Tax Compliance Act of 2009 became US law. FATCA significantly changes the current system of withholding and reporting on payments made to non-US entities.
Over the last couple of years small businesses have gained help from the government’s Department of Commerce and Investment, looking to the organisation for assistance with a wide range of issues, from help starting up to ...
has the introduction of the ‘Pension Holiday’ added to employer confusion or added legitimacy to unscrupulous employers’ past practices?
FATCA, the newly enacted Foreign Account Tax Compliance Act, which was signed into law March 2010, has been designed to restrict U.S. citizens and businesses from evading U.S. tax by holding income-producing assets through Foreign Financial Institutions (FFIs) or Non-Foreign Financial entities (NFFEs), writes Lise Baril, Manager, Enterprise Risk Services with Deloitte & Touche
General Russel Honore was the military chief tasked with the New Orleans clean up and rescue following Katrina. He spoke to Cayman's Rotary Sunrise about the importance of preparedness
Recently, the offshore investment community has received significant
increased attention from the United States as a potential source of tax
evasion. As a result, the United States has enacted into law the Hiring
Incentives to Restore Employment Act of 2010.
PKF Cayman, one of the premier accounting and business advisory firms
in the Cayman Islands, has enjoyed strong growth since its inception in
Anthony Ramoon, an analyst of five years in the Investments and
Securities Division of the Cayman Islands Monetary Authority, has
successfully completed an honours level curriculum offered by UK based
It’s been said that “if a window of
opportunity appears, don’t pull down the shade” but, as the offshore industry
gazes out over yet another new statutory landscape, do we reach for the blinds
or enjoy a new ray of sunshine? Benjamin Wrench, attorney at Higgs &
Johnson in Cayman reports.
The rubber-stamping concept comes from the idea that the role of Cayman
fiduciaries is to “see nothing”, “hear nothing” and, notwithstanding the
foregoing, “sign off on everything”.
Global Compliance Solutions recently held a series of anti-money
laundering workshops over two days aimed at polishing up the skills of
management, administrative staff, compliance officers and MLROs alike.
Business Editor Lindsey Turnbull was in attendance and reports in this
second of a series of articles.
The world of compliance is ever-changing and always evolving as new
legislation, regulations and guidance notes appear to be issued on a
The US Bankruptcy Court for the District of Delaware has recognised
the liquidation of a Cayman company, Saad Investments Finance Company
(No5) Limited, an SPV established to operate as an investment company,
as a “foreign main proceeding” under...
The New Year has already proven to be an aggressive one as it relates
to fighting corruption. Here in the Cayman Islands, the
A raft of proposed legislation waiting in the wings to be enacted as
well as jurisdictions previously not even considered competitors all
chomping at the bit to prise business away from the Cayman Islands.
These were the topics under discussion at AIMA Cayman’s recent luncheon
at the Wharf.
The Premier and other senior government officials’ whirlwind tour at
the end of last year showcasing Cayman to all the major financial
centres of the world, including Singapore, New York and London, was
greeted by the local financial services industry with a collective
enthusiastic and positive response.
Eschewing the benefits of a positive attitude while at the same
time setting an energetic tone, American TV news anchor Charlie Adams
took the floor at the beginning of October’s Global Compliance
Solutions conference and entertained the audience with tales from his
colourful career. Business Editor Lindsey Turnbull enjoyed the show and
Regulation, regulation and more regulation seems to be the apparent answer to global financial woes, at least in the eyes of the US government. The issue was examined in detail as it relates to the investment funds industry at the Campbells Fund Focus. Business Editor, Lindsey Turnbull reports.
ACAMS 8th Annual International Money Laundering Conference & Exhibition entitled Optimising AML Compliance in a Turbulent Economy recently took place, reports Nancy Saur, Regional Head of Compliance & Risk Management (Caribbean) with ATC Trustees (Cayman) Limited.