Decoupling from China

The jingoistic state-promoted anti-American propaganda blasting US ‘bullying’ on trade, the popularity of Trump toilet paper and Trump toilet brushes in China, and the...

BEPS pivotal in fight over tax competition

Of the 34 current members of the OECD, the number taxing corporations on a territorial basis has doubled since 2000, up to 28 of 34 in 2012.


International Financial Reporting Standard

IFRS 9 sets out the requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. IFRS 9 replaces International Accounting Standard (IAS) 39 Financial Instruments: Recognition and Measurement.


Current and pertinent issues relating to the Cayman islands Captive Insurance Industry

The Cayman Islands captive insurance industry’s most pertinent issue today is the current global financial crisis. Rounding out the Top 3 pertinent issues to our industry is increased competition and a potentially changing regulatory environment; however these two issues are not necessarily mutually exclusive to the current global economic problems.

The European Commission’s fight against BEPS

The EU can hardly be accused of complacency when it comes to addressing BEPS. The EU’s Action Plan published in December 2012 contained a plethora of initiatives targeted at limiting tax evasion as well as tax avoidance. 


Willfulness, FBAR penalties and the OVDP

More and more countries are signing FATCA agreements with the IRS. Swiss banking secrecy is a thing of the past. Taxpayers who have undisclosed accounts are justifiably frightened that the IRS or DOJ will learn about their accounts.   


Guidelines regarding beneficial ownership

A generally accepted definition of a “beneficial owner” is “someone who has a level of control over or use of funds or assets in an account, or has control of a company, which allows that person to directly or indirectly control or manage the account or company.”



Clouds on the horizon: A snapshot of the challenges facing Cayman’s financial industry

This despite hard evidence to the contrary from several respected sources – for example the Turner Review (p74, March 2009) which specifically acknowledges that ‘the role of offshore financial centres was not central in the origins of the current crisis’.

Challenges in developing a new financial architecture: Overview of the Financial Times Global...

Efforts to create a new operating framework that will enable the world to navigate out of the current financial crisis, and prevent such a catastrophe from recurring, are fraught with their own challenges. 

Cayman decision on tax information exchange:

British Prime Minister David Cameron, told the House: “I do not think it is fair any longer to refer to any of the overseas territories or Crown dependencies as tax havens. They have taken action to ensure they have fair and open tax systems.

Incorporated cells:

The Amendment Law, whilst now on the statute book, is not yet in force at the time of writing but will be brought into force once necessary amendments have been made to the underlying Insurance Regulations.   


Proposed US federal tax legislation – impact on Cayman Islands captives

 There are a number of bills that have been introduced in the US Congress that, if enacted, could impact Cayman Island domiciled captives and/or their shareholders or affiliated group

Technology as an enabler for change

On 24 February 2011, over 70 attendees gave up their time to preview version 7 of the Viewpoint application at The Ritz-Carlton, Grand Cayman. Version 7 promises closer integration between modules and a seamless workflow process.

Growth by acquisition presents security and management challenges

The financial institution was growing by leaps and bounds. Business managers had a plan for growth by acquisition and they were implementing it. The first acquisition was in Grand Cayman. From there financial institutions located in five other island countries were acquired in quick succession. The Chief Information Officer was tasked with enabling the cost efficiencies the business side was looking for. Where were the economies of scale? Why couldn’t the operations be consolidated?

Post-crisis regulation and supervision of the biggest banks

Financial system policymakers around the world continue to respond vigorously to the problems in financial markets, financial institutions, and financial system regulation and supervision brought into high relief by the 2007-2009 global financial crisis.   


Accounting evolution for investment companies

Although there has been progress since the Memorandum of Understanding (MoU) was developed between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in 2002, today there continues to be differences between International Financial Reporting Standards and US Generally Accepted Accounting Principles (US GAAP) [Accounting Standards Codifications (ASC)].

Public interest: Who, what and why?

 When I was first asked if I had joined Pinterest, an online pin board, I was surprisingly sparked. Looking back it was probably my subconscious recollection of the wonderful times I spent years ago musing over the definition of public interest. 

US federal tax policy

Government programmes (expenditures, mandates, regulations) should be evaluated for their benefits and these compared with their costs. The resulting level of government expenditures politically...

The destructive effort to combat money laundering,

If there is a demand for a good or service, whether legal or not, it will be supplied by someone. This basic fact of life is understood by most people, except for those who believe in utopia or are so power-possessed that they deny reality. All too often, attempts by government to ban or regulate an activity make the situation worse.   


Putting Venezuela on the path to prosperity

With the current Maduro regime on the ropes due to increased discontent and unrest from all sectors of Venezuelan society, many analysts are beginning...
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