Featured Cayman Islands

TD Bank faces Stanford Ponzi scheme liquidators seeking $5.5 billion in trial

Toronto-Dominion Bank will defend itself in a trial starting in a Canadian court on Monday in which liquidators of the collapsed Antigua bank of former Texas financier Robert Allen Stanford are seeking $5.5 billion in damages. The joint liquidators of Stanford International Bank (SIB) allege “negligence and knowing assistance” by… Read More

India’s ED attaches assets to Agri Gold Ponzi scam case

The Enforcement Directorate (ED) has attached assets worth ₹4,109 crore in connection with a Ponzi scam involving ₹6,380 crore collected from over 32 lakh investors in six States. The agency had arrested three promoters of the Agri Gold Group of companies in the case earlier this week. The attached properties… Read More

Cayman’s CIMA fines Western International $482,000 over AML lapses

The Cayman Islands Monetary Authority has fined Western International Trust Company Limited $482,717 for breaches of anti-money laundering regulations (AMLRs). In an enforcement notice published on 22 Dec., the financial regulator said the fine was imposed for failing to apply customer due diligence and enhanced due diligence, as well as… Read More
13th November 2020
The Cayman Islands Monetary Authority has fined Cainvest Bank and Trust Limited $100,000 for failings in the bank’s anti-money laundering practices. The discretionary fine was for breaches of Cayman’s Anti-Money Laundering Regulations. The financial services regulator said it found instances where the bank had not applied customer due diligence and… Read More
4th November 2020
The Ministry of Financial Services of the Cayman Islands Government announced that it has commenced a regulatory framework for virtual asset service providers, or VASPs. In an Oct. 31 press release, the ministry claimed that the move had strengthened the country’s “ability to regulate and attract persons and entities… Read More
30th October 2020
Binance Holdings Limited, the world’s largest cryptocurrency exchange, conceived of an elaborate corporate structure designed to intentionally deceive regulators and surreptitiously profit from crypto investors in the United States, according to a document thought to be created by its senior executives and obtained by Forbes. Cayman Islands-based Binance is currently… Read More
20th October 2020
Consider the current state of anti-money laundering efforts across the globe. Around 2% of global GDP is laundered annually, amounting to between $800B – $2T. Banks spend around $8B annually fighting it but affect only 0.1% of criminal finance. What we know then is that the ROI of… Read More
12th October 2020
Recent events in the British Virgin Islands and Cayman Islands are seen by some as an indication that Britain is showing signs of improving tax transparency in its overseas territories, although activists say more still needs to be done. Two years ago, an amendment made to UK anti-money laundering legislation… Read More
7th October 2020
Despite its status as one of the world’s most secretive and low tax jurisdictions, the European Council announced on Tuesday that it has delisted the Cayman Islands from the EU’s list of non-cooperative jurisdictions for tax purposes – informally known as its tax haven blacklist. This decision added fuel to… Read More
28th September 2020
As schoolboys, their friendship was cemented while playing in the same rugby team at one of Britain’s most prestigious boarding schools. Since those days at The King’s School in Canterbury, Kirils Pestuns, James Dickins and Daniel O’Donoghue have unwittingly found themselves at the centre of a global network of companies… Read More
19th August 2020
Indian taxpayers appear a step closer to reaping millions of dollars their fellow citizens have stashed illicitly in secrecy jurisdictions, following a recent landmark ruling against the elderly beneficiary of an undeclared Swiss bank account. Based on her declared taxable income of less than $4,000 in 2006, the powerful… Read More
7th August 2020
Deputy Kirsten Morel, who chairs the Economic Affairs Scrutiny Panel, recently addressed comments made in Bermuda newspaper The Royal Gazette in an article discussing the territory’s move to introduce legislation for full transparency on company ownership by January 2023. In 2018, the UK parliament passed laws requiring the Overseas Territories… Read More
5th August 2020
AP – General Motors is asking a federal judge to reconsider his dismissal of a lawsuit against Fiat Chrysler based on new allegations that FCA bribed union officials and GM employees with millions stashed in secret foreign bank accounts. GM alleges that bribes were paid to former United Auto… Read More