Archive for April, 2016

Cayman Finance supports Enhancements to Cayman’s Beneficial Ownership System

Monday, April 18th, 2016

Cayman Finance said it supported the Cayman Islands Government in its announcement made on April 11, when the signing of an agreement by the Cayman Islands and the United Kingdom on the enhancements to its existing beneficial ownership system was announced.

This was revealed at a media conference in Grand Cayman by the Cayman Islands Premier Hon. Alden McLaughlin and Chief Officer, Dr Dax Basdeo.

Mr Jude Scott, Cayman Finance CEO said Cayman Finance appreciated working in collaboration with the Cayman Islands Government to bring a high level of expertise to negotiations with the UK. He expressed his pleasure that the UK Government has recognised that Cayman licensed corporate services provider verified beneficial ownership system is a world class system that provides for due diligence know-your-customer checks which are vitally important to proper law enforcement authorities and is superior to other proposed systems. He added: “Whilst there are already agreements in place that allow UK law enforcement agencies to request and obtain beneficial ownership information for the Cayman Islands, we have agreed to an enhancement to that system which will help the UK law enforcement agencies access that information with the utmost urgency, but in a way that is also appropriate for our jurisdiction. This is not a public central register.”
Mr Scott said that beneficial ownership information details will remain with the corporate service providers managing them and information will be accessed via a central technical platform. The enhancements are in line with global standards and the position of the UK.

He said that for over 40 years the Cayman Islands had played a leading role in the fight against illegal activities and tax evasion. “Industry and government have worked side-by-side to implement a legal infrastructure that promotes effective transparency and cross border cooperation with law enforcement that meets, and in some cases exceeds, international regulatory standards and comparable regimes in G20 countries,” he commented.

Cayman Captive Delegation to speak to RIMS

Thursday, April 14th, 2016

The representatives from Cayman’s captive insurance industry, including the Insurance Managers Association of Cayman (IMAC), Government officials and representatives of the Cayman Islands Monetary Authority (CIMA), and Cayman Finance will be on the road next week to speak to delegates of the annual Risk and Insurance Management Society (RIMS) conference in San Diego, California. They are to discuss the role that Cayman captive insurance companies can play in the risk taking and risk financing objectives of business.

The group of more than 30 professionals from Cayman’s captive insurance industry will include the Honourable Wayne Panton, Minister of Financial Services; Mr. Andre Ebanks, Senior Legislative Policy Advisor; CEO of Cayman Finance, Mr. Jude Scott; and from CIMA, Ms. Cindy Scotland, Managing Director, Jennifer Smith and Ruwan Jayasekera.

IMAC will be hosting an interactive event for a group of captive owners and advisors where the Government officials, CIMA, Cayman Finance and IMAC executive members will provide an update on the status of Cayman’s captive insurance management industry and commercial insurance and reinsurance industry. Also, they will listen to the participants as regards terms of their needs in the marketplace.

IMAC Chairperson Kieran O’Mahony commented on the event: “We are absolutely thrilled to have Minister Panton and Ms. Scotland support our efforts in growing Cayman’s brand and foot print. We put our best foot forward each year at the RIMS conference because it provides us an ideal opportunity not only to talk to people about why Cayman could be an ideal domicile for their captive, their insurance, their reinsurance or their life and annuity carrier. We are there also to listen carefully to what our clients and contacts are seeing on their side of the risk table. IMAC takes its role as the liaison between the industry and Government and CIMA seriously because it is through this communication that we are able to ensure that Cayman is competitive, relevant and remains at the top of the list of captive and alternative risk transfer vehicle domiciles”.

Annual Surveys on Cayman Economic Performance begin

Saturday, April 9th, 2016

From April 4, 2016 to May 20, 2016, the business surveys will run that consist of the System of National Accounts (SNA) and the Balance of Payments (BOP) surveys. The surveys conducted by the Economics and Statistics Office (ESO) seek to collect information necessary to measure the economic performance of the Cayman Islands as a whole and all the individual sectors. The surveys cover all entities that produce goods and services in the Cayman Islands.

The last SNA survey that was conducted in 2015 revealed that the gross domestic product (GDP) of the Cayman Islands amounted to CI$2.55 billion in 2014 after adjusting for price increases. This represents an economic growth of 2.4% over 2013, the highest rate of economic expansion since 2007. The BOP survey conducted in 2015 showed that the Cayman Islands received from abroad a total of $1.65 billion from the export of goods and services (mainly tourism, business and financial services), against a total payment of $1.57 billion.

This year, the surveys aim at collecting comparative information for 2015, to assist the government and the private sector in their policy-making and planning, as well as provide the global financial community with updated economic data on the country.

About 3 400 forms will be mailed or hand-delivered to local businesses, government entities and non-profit organisations.

The SNA survey is designed in accordance with the internationally accepted standards issued by the United Nations Statistical Commission.
The BOP survey is based on guidelines prescribed by the International Monetary Fund (IMF).

Paul Allen reconstructs Environment in Cayman

Tuesday, April 5th, 2016

Microsoft co-founder Paul Allen and the Cayman Islands Department of Environment have worked together to save the 13 800 square feet of endangered coral that was allegedly hit by the billionaire’s $162 million mega-yacht Tatoosh in January.

Polaris Applied Sciences, which was hired by Allen’s company, Vulcan, has reattached 1 600 organisms, including hundreds of hard and soft corals and sponges.

According to local officials, the area was damaged by the mega-yacht’s anchor and chain on January 14. The work to triage this area included stabilizing and removing rubble, re-creating structures, and rescuing and reattaching as much living coral as possible.

More than 30 tons of cement and sand were used as well as eight tons of rubble to rebuild the reef structure. The project took 300 hours over 24 days. A coral restoration expert has been hired by the Cayman Islands Department of Environment to continue to oversee the project and monitor the area. Vulcan is still questioning the cause and scope of the damage.