Cyber crime: Insurers in the firing line

As banks become more sophisticated and effective at defending themselves against attack, the focus of much cyber crime is changing. Increasingly, insurance companies are becoming the target. The risks are very real and very serious. Insurers need to raise their game as a matter of urgency.

 

Internal whistleblowers:

The Fifth Circuit was the first federal court of appeals to examine the extent to which the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 protects internal whistleblowers, or those who report violations of the securities laws to their supervisors rather than directly to the SEC, from retaliation 

 

Cayman Islands approved stock exchange regime


Most investors and traders can spend their entire lives without stepping foot on the floor of a major stock exchange, but it’s hard to imagine functional markets without them. A stock exchange is a hub where buying and selling of stocks takes place...

 

Protecting privacy

The British Virgin Islands and the Cayman Islands have both come under even heavier scrutiny than usual after data leaks published by the International Consortium of Investigative Journalists last year revealed the identities of thousands of companies’ owners...

 

U.S. can’t deliver on FATCA promises

To entice foreign governments to assist in administration of the law and bypass certain legal obstacles, the U.S. Treasury Department has promised reciprocal information sharing. Now, however, they are admitting to having promised more than they can deliver. 

 

Too little scrutiny of G20 plans

The meeting of the finance ministers of the G20 countries in Sydney in February produced the usual and predictable homilies that so often are the product of such meetings. Most of the time what happens at such meetings can be safely ignored. 

 

FATCA: Has Cayman orphaned its trusts?

Some, maybe. But they weren’t part of the real Cayman family anyway. And they won’t be homeless: Either another FATCA partner jurisdiction will adopt them or, as a last resort, Uncle Sam will.

 

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.   

 

Ukraine sanctions

The Cayman Islands, as a British Overseas Territory, has sanctions legislation enacted by a statutory instrument that is extended from the United Kingdom in this case the Ukraine (Sanctions) (Overseas Territories) Order 2014 which came into force on March 7, 2014, with immediate effect.2 

 

AML/CFT audit: What is appropriate?

For more than five years, entities conducting relevant financial business in the Cayman Islands have been required to maintain an appropriate internal audit function to test and evaluate its anti-money laundering and anti-terrorist financing system of controls.

 

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.

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.   

 

Repeal the anti-money laundering laws

We have four decades of experience with anti-money laundering laws in the Unites States starting with the misnamed Bank Secrecy Act of 1970 (not counting the state AMLs before that). Any objective analysis would question the effectiveness of our approach.

 

Thinking anew about information exchange and reporting

It is time to fundamentally reevaluate the information exchange and reporting system that has grown up over the past two decades and begin the process of considering how to better meet the needs of the people these laws are meant to serve. 

 

Portfolio insurance companies

Key features of a PICThanks to an amendment passed by the Cayman Islands Legislative Assembly this past March, segregated portfolio companies (SPCs) now have the ability to incorporate and register under one or more of their cells as something called a ‘portfolio insurance company’ or PIC.

 

The quiet politics of Basel

The new agreement on global banking regulation known as Basel III has generated a spirited debate in the banking community and the financial press.   

 

Further changes need further consideration

Given the intense political grandstanding that surrounded the G8 Summit in June, the likely benefit and cost of implementation of the various measures described was understandably hard to discern. 

 

The challenges of FATCA compliance

A Model I Intergovernmental Agreement (IGA) has been initialed with the United States the Cayman Islands funds industry now has the necessary information to move forward with U.S. FATCA compliance.

 

Key short term considerations for Cayman funds to be FATCA compliant

Back to Main Story:  The challenges of FATCA compliance for Cayman funds and their administrators Entity classificationEach foreign entity will need to determine if they are...

Compliance focus:

The initial and on-going risk assessment is the foundation of any compliance system regardless of its scope. There are a number of compliance processes reliant on country risk assessments and a reasonable methodology for country risk assessment is vital.   

 

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