Cayman News

  • Cayman Islands ‘fundamental overhaul’ of secrecy laws

    May 27, 2016
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    The Cayman Islands government has published the Confidential Information Disclosure Bill 2016, which proposes the abolition of the current criminal offence for disclosure of confidential information, other than ‘in the ordinary course of business’; and replacing it with a new regime specifying when information may be disclosed.   Colin Riegels, a partner at international law firm Harneys, describes this...

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  • Cayman Islands bucks trend in offshore insolvency petitions

    May 27, 2016
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    The Cayman Islands recorded an increase in insolvency petitions in 2015, contrasting with a general decline in the majority of offshore jurisdictions.   There were a total of 71 petitions filed in Cayman courts compared to 58 filings in 2014 and only 43 filings in 2008, according to report by offshore law firm Appleby.   The share of petitions...

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  • How Will The LLC Impact Cayman?

    May 27, 2016
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    Matt Mulry (MM): The bill, when enacted, will provide for the introduction of a new Cayman legal vehicle, the Cayman Limited Liability Company. The draft legislation is closely based upon the equivalent United States’ Delaware LLC legislation with the intention of appealing to the US market. This is a significant development for Cayman and will represent an entirely new...

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  • Beneficial ownership: Government says US must sign first

    May 23, 2016
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    The Cayman Islands will not adopt a mechanism for the exchange of beneficial ownership data that is not implemented by the United States. Speaking at a press conference on Tuesday, Premier Alden McLaughlin called for a level playing field in terms of financial transparency and stated that a standard without U.S. participation “is not a global standard.” The premier...

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  • Cayman banks must adapt to survive de-risking

    May 20, 2016
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    The banking sector in Cayman will have to accept new ways of working, including sharing costs and services, in order to survive in the current climate of de-risking, according to US industry consultants that visited the jurisdiction recently. “There has been a paradigm shift in international banking and payments,” said Kobi Dorenbush, former chief executive of Caledonian. “This is...

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