CAYMAN FINANCE NEWS


July 8, 2014
One size does not fit all

Published by the Cayman Islands Journal – 2 July 2014 Over the last decade and significantly more since the 2008 crisis, we are experiencing an increase in the level of regulation and a constant increase in the speed at which it evolves and becomes globalized. Supporters of this trend call it “harmonisation of regulation,” while others see it as a questionable […]
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June 12, 2014
Technology, Globalisation and a Level Playing Field

By Gonzalo Jalles, CEO, Cayman Finance | Published by IFC Report 2014 Capital has become extremely movable. Technology and that ability to move at costs and speeds not imaginable 30 years ago has facilitated the ability of capital allocators to constantly seek the best return for that capital, limiting the ability of Governments to impose additional costs on that capital while labour remains less mobile and is therefore the recipient […]
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June 12, 2014
US watchdog report blasts Cayman as top tax haven

Reported by Cayman 27 – June 2014 A new report from two United States-based watchdog groups names the Cayman Islands as a top tax haven. This comes as the US congress and Obama administration are considering big changes to their corporate tax code, changes that aim to clamp down on tax loopholes. Finance industry experts here tell Cayman 27 the report […]
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June 10, 2014
Governor supports new financial services industry publication

Photo caption:  Her Excellency the Governor, Helen Kilpatrick, and Gonzalo Jalles, CEO, Cayman Finance 10 June 2014 (George Town, Cayman Islands)  ▪  Cayman Finance recently presented a copy of its new jurisdictional publication to Governor Helen Kilpatrick.  The publication is aimed at promoting Cayman’s most important industry – financial services – representing over half of the country’s economy and over […]
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June 4, 2014
The future of Cayman in the transparency era

Published by the Cayman Islands Journal – June 2014 By Gonzalo Jalles, CEO, Cayman Finance We are witnessing one of the biggest transformations of the financial industry for all international financial centers, including Cayman. Historically, most of these centers built their industries providing, among other benefits, another layer of confidentiality to the end customer. Recent global initiatives are removing the […]
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Fraud, Asset Tracing and Recovery

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July 9, 2014
A new era for Cayman officially begins

For a few years we have been experiencing an increased scrutiny in our business – driven by global attempts by countries around the world to improve their tax collection capability. FATCA, unilaterally imposed by the US, was probably the biggest accelerator of this process. It allowed countries, without the ability to impose such a system, to propose and implement a […]
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June 26, 2014
Near 20% of all FATCA FFIs worldwide are based in Cayman

On June 2nd, the IRS released its first list of foreign financial institutions (FFIs) that have registered via the FATCA portal and been issued a Global Intermediary Identification Number. A staggering 14,847 financial institutions and branches in Cayman have registered – in comparison to its other offshore competitors – Guernsey (2,406), BVI (1,838), Jersey (1,619), and Bermuda (1,243). In total, […]
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May 28, 2014
Public Registers

By Simon Filmer, Managing Director, ex-Asia, Offshore Incorporations Limited Group (OIL) Centralised registers that identify the beneficial owners of offshore structures – whether publicly accessible or not – sound great in theory but they are problematic in practice. The model proposed by the UK is inferior to private sector-led systems already operational in jurisdictions such as the BVI and Cayman. A centralised […]
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