November 16, 2018

Cayman Islands: Walkers launches Compliance Services offering

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Grand Cayman, July 2018 Walkers is pleased to announce the launch of Walkers Compliance. Walkers Compliance complements Walkers’ legal, corporate and fiduciary services to deliver a one-stop-shop for clients looking to use the Cayman Islands jurisdiction for their business needs. While helping clients meet regulatory requirements, Walkers Compliance will deliver a best-in-class compliance offering, led […]

Cayman Islands: Anti-Money Laundering: It’s no longer if, but when you’ll be inspected

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Article by Bob Stanier (PwC) and Cora Schwendtke (PwC) Cayman Finance Source: Mondaq In December 2017, the Cayman Islands Government, with support from industry groups recently underwent a review of its Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulatory regime by the Caribbean Financial Action Task-Force (CFATF), which will be followed by an International Monetary […]

Cayman Islands insists money laundering reporting cannot be delegated to third party

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From STEP Cayman Islands investment funds must, from 1 June, appoint natural persons as their anti-money laundering (AML) reporting officers, rather than delegating their AML functions to corporate bodies. New AML regulations came into force on 2 October 2017, making both regulated and unregulated investment entities, as well as insurance entities and finance vehicles, subject […]

Address of Alasdair Robertson on the occasion of the Opening of the Cayman Islands Grand Court on 17 January 2018 given on behalf of the Cayman Islands Law Society

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My Lord Chief Justice, Hon. Judges of the Grand Court, Hon. Chief Magistrate, Hon. Magistrates, Mr Attorney, Madam DPP, my colleagues at the Bar, our Special and Distinguished Guests, Ladies & Gentlemen If it may please my Lord I am very happy to provide this report on the activities of the Law Society. As has […]

Bitt reveals big plans for cross-Caribbean blockchain settlement network

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By Pete Rizzo From CoinDesk For Barbados-based blockchain startup Bitt, creating a Caribbean-wide settlement network is a challenge that will be fraught with legal, technical and social challenges. However, thanks to a new partnership with Netki, one hurdle may have just gotten easier. Announced today at Consensus 2017, Bitt revealed it will use identity tools […]

Money Laundering in Central America

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By Q24N From Q Costa Rica Q24N – The housing market, casinos, concert halls, and the livestock sector are all used to launder money in Central American countries. Excerpted from the report “International Narcotics Control Strategy Report, Volume II, Money Laundering and Financial Crimes” by the US State Department: Nicaragua Weak governmental institutions, deficiencies in […]

Western Union admits anti-money laundering and consumer fraud violations

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From US Department of Justice Western Union Admits Anti-Money Laundering and Consumer Fraud Violations, Forfeits $586 Million in Settlement with Justice Department and Federal Trade Commission Company also Agrees to Implement Anti-Fraud Program and Enhanced Compliance Obligations in Agreements with Federal Authorities The Western Union Company (Western Union), a global money services business headquartered in […]

Panamanian organised crime prosecutor obtains extension in Panama Papers law firm investigation

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By Kenneth Rijock From Caribbean News Now PANAMA CITY, Panama — Javier Caraballo, the lead organised crime prosecutor investigating Panama Papers law firm, Mossack Fonseca, since April 2016, has obtained an extension of time in which to continue his ongoing investigation of alleged criminal conduct at the firm. He has requested judicial assistance from 16 […]

Politicians and the Panama Papers

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By José Niño From Cayman Financial Review The recent Panama Papers leak has brought tax havens to the forefront of public policy discussions. Naturally, many individuals and supranational entities have advocated for more stringent regulations on tax havens and tougher Anti-Money Laundering (AML) programs in response to these revelations. Entities such as the Organization for […]

Hong Kong urges greater AML and KYC effort after Panama leak

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By Monira Matin From International Adviser Banks and financial institutions in Hong Kong must “strictly comply” with existing money laundering laws requiring them to disclose the identities of their customers and what they intend to do with their money. The move comes after the city was named the “top centre for secretive offshore financial services” […]