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The Financial Services Group says government never consulted with it as to the impact direct taxation on income will have in the Cayman Islands. Cayman Finance Chair, Richard Coles, says his group has received no details on the payroll tax other than what’s been reported in the media.  View the video here http://www.cayman27.com.ky/2012/07/26/financial-services-not-consulted

The Cayman Islands Monetary Authority (CIMA) is investigating whether the Cayman Islands Branch of HSBC Mexico S.A. (“The Cayman Islands Branch”) breached any local laws or regulations.

Cayman Finance has not yet received any details on the proposed “payroll tax” beyond that which has been reported in the media. We are therefore unable to offer any technical or specific feedback on the proposal at this stage.

The world’s leading institutional investors, CEOs, economists and academics will gather at the world-renowned Ritz-Carlton in Grand Cayman, November 1-2, 2012 to discuss and debate the crucial ingredients for sustaining a vibrant global alternative investment industry. The key theme of the Summit is ‘Innovation in Alternative Investments: Seeing What’s Next’. One of the keynote speakers is Sir Richard Branson, the founder of Virgin Group.

Cayman Finance today welcomed the results of an independent study on due diligence across offshore centres which places the Cayman Islands as one of only two countries to request internationally accepted standards for identity documentation in the due diligence process.