Cayman News

Flawed: Cayman Finance Challenges Credibility Of Tax Justice Network’s Biannual Financial Secrecy Index

PRESS RELEASE Flawed: Cayman Finance Challenges Credibility Of Tax Justice Network’s Biannual Financial Secrecy Index Use of incorrect data, biased criteria make reports unreliable sources of information about Cayman Islands unless TJN makes significant changes GEORGE TOWN, Cayman Islands – Cayman Finance has today released a new study that critically assesses the methodology and data …

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Beneficial Ownership Consultation Launched

The Ministry of Financial Services is inviting public comments on its proposals to reshape Cayman’s beneficial ownership legislation, including by creating a single act to make the legislation more effective in fighting crime. See below from the Ministry of Financial Services: The Ministry of Financial Services asks industry associations, and the general public, to respond …

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Cayman Islands Government Statement on G7 Global Tax Rate Announcement

The Cayman Islands Government is aware of the G7 announcement on 5 June 2021 regarding a global minimum corporate tax rate. The G7 announcement, which would predominately affect multinational enterprises, aligns with the Cayman Islands’ overall position that taxes should be paid where they are rightfully owed. While the Cayman Islands’ primary business is investment …

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Cayman Commits to Demonstrating AML Effectiveness

Noting that the Cayman Islands has been adjudged to have satisfactorily completed 60 of 63 recommended actions to strengthen its AML/CFT (anti-money laundering, combatting the financing of terrorism and proliferation) regime, the Financial Action Task Force (FATF) today (Thursday, 25 February 2021) has agreed that the country should be subject to increased monitoring.

DITC Portal Update

The Department for International Tax Cooperation (DITC) advises industry of the following updates related to the DITC Portal. 2019 CRS Compliance Form Deadline Extended The reporting deadline for the 2019 CRS Compliance Form is extended to 15 September 2021. The current function to submit the 2019 CRS Compliance Form remains open on the DITC Portal. …

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Update on Public Registers of Beneficial Ownership

The Cayman Islands Government acknowledges the progress made by the UK’s Overseas Territories (OTs) in regard to beneficial ownership and the UK’s decision to draft, but not enact, an Order in Council regarding the introduction of public registers of beneficial ownership (PRBO) information in the OTs. “By introducing publicly accessible registers of beneficial ownership, the …

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Back off black

The Cayman Islands is a popular jurisdiction among Asian investors, especially Chinese companies, looking to structure their overseas businesses and cross-border transactions for tax efficiency. The regulatory regime there, and the presence of many of the world’s leading financial services, have established Cayman as a top jurisdiction for international investment funds. In recent years, the …

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Significant Achievements Reached by Cayman Islands in CFATF Assessment Efforts

Progress to ensure the Cayman Islands anti-money laundering (AML), countering the financing of terrorism (CFT) and proliferation financing (CPF) regimes are compliant with international standards reached a significant milestone on Friday, 23 October 2020, as the Observation Period by the Financial Action Task Force (FATF) wrapped up.  The Cayman Islands has been tasked with implementing …

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