Arab Press

بالشعب و للشعب
Friday, Aug 22, 2025

Minister talks regulation with offshore sector

Minister talks regulation with offshore sector

Financial Services Minister Tara Rivers told hundreds of representatives from the offshore sector recently that government was doing all it could to deal with the new demands in financial standards. Providing a review of efforts to keep pace with new standards in tax transparency, anti-money laundering and counter-terrorism financing, and prudential regulation, she told stakeholders that staying abreast of global standards for decades had made the industry here stronger.

“Maintaining an open dialogue with our industry practitioners is crucial,” Rivers said in a release following the recent event. “As Cayman continues to evolve in this dynamic global environment, we look forward to similar updates and events that allow for ongoing, constructive consultation with the industry.”

The ministry issued a statement Thursday offering more detail about the update, which said there would be further regularly scheduled meetings to update financial services practitioners in the Cayman Islands. The meetings are designed to increase engagement with industry and inform people of the various developments taking place in terms of international standards, changes to legislation, and the work being undertaken by the various departments within the ministry.

Government is currently focused on complying with the recommendations in the last Caribbean Financial Action Task Force (CFATF) review. This found a number of deficiencies in our regimes, not only within the offshore sector but also particular industries long known to be vulnerable to financial crime that have been largely ignored, such as real estate and precious metal and stone dealers.

During this update Rivers was joined by officials from the departments of Financial Services, International Tax Cooperation and the Registrar of Companies, as well as the Cayman Islands Monetary Authority.

She revealed that the latest OECD Forum on Harmful Tax Practices (FHTP) assessment of the Cayman Islands Economic Substance legislation had found the jurisdiction to be in line with the international standard and designated it as ‘not harmful’.

She also said the FHTP found that, in principle, the Cayman Islands has a fully equipped monitoring mechanism (FEMM) for the purposes of economic substance compliance, which would be reviewed for effective implementation — one of the biggest changes for the financial sector in recent times.

She also spoke about sector-specific guidance notes on economic substance that are in development, with working group meetings completed and changes being incorporated. Wider industry consultation is scheduled for October, Rivers added.

Other officials gave an explanation of hardware upgrades at the General Registry that affect the Cayman Online Registry Information System (CORIS) and the Corporate Administration Platform (CAP), which is expected to rollout mid-October. Enhanced user support and user experience roll-outs are expected with both IT systems and there will be a team in place for problem resolution at the Registry.

A public consultation is now expected in November on the progress regarding the regulatory framework for virtual assets, providing a risk-based, flexible, technology-neutral regulatory framework.

CIMA also delivered updates included FATF identified issues with the SIBL Excluded Persons Regime and the establishment of an AML/CFT division to address FATF concerns regarding resourcing.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
×