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
We know that the financial services industry has been grappling with the cost of compliance for the last 10 to 15 years but a new era might be dawning with the elusive term “culture” being officially used in the term “culture of compliance.
A number of recent proposals highlight two worrying trends in financial services regulation: the increased tendency for countries to build walls around their domestic operations and the tendency of regulators in the largest markets to exert control outside their borders.
Some of the purported details contained in the FBI documents are so deliciously funny – the top soccer executive who claimed his only income was as a salesman for a “pet rock company” or that he was suffering from advanced dementia ...
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.
The disconnect between financial reporting and financial information needed for the preparation of US...
Earlier this year, PwC was heavily fined by New York’s Department of Financial Services for “improperly altering” its sanctions and anti-money-laundering report for Bank of Tokyo Mitsubishi. This recent “whitewashing” case has reopened the ethical question concerning the way in which independent consultancy firms ...
In the midst of an international recession, it hardly seems that this is an appropriate moment to express optimism. It also appears to be a poor time to give a pat on the back to legislators, especially since government mistakes such as misguided monetary policy and housing subsidies are responsible for much of the world’s current financial turmoil.
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 recent turmoil in China’s stock markets reflects the topsy-turvy nature of China’s financial system — and the tension between state and market. Since 1978, the financial system has not kept pace with the march toward the market.
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.
Finance Professor Avinash Persaud argues that international regulatory compliance is a game imposed by large financial centres designed to close down Caribbean financial centres.
How effective are your bank compliance processes and procedures? Do you have a systematic approach to compliance?