Trinidad-based group splashes out $198m on Cayman wealth firm
It is also in the process of acquiring nine Caribbean operations of Canadian bank ScotiaBank
Cayman Islands
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PEOPLE MOVES: Abacus Financial Consultants, Butterfield, Nucleus
Abacus Financial Consultants head of recruitment joins recruitment boutique, Butterfield appoints for Asia push and Nucleus names two non exec directors and remuneration chair.
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Panama Papers law firm unable to identify 75% of its clients
A leak of 1.2 million new documents shows that Mossack Fonseca, the law firm at the centre of the Panama Papers scandal, could not identify the owners of up to three quarters of the companies it administered.
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Cayman Islands bids to alter constitution after UK ‘overreaches’
The Cayman Islands Government has entered into dialogue with the UK to change parts of its constitution, as it looks to prevent Britain being able to legislate and impose its will on the jurisdiction.
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PEOPLE MOVES: Primetime, Pinebridge, Kleinwort Hambros
A senior Prudential director has jumped ship to head up Primetime Retirement, while Pinebridge Investments has poached a State Street Global Advisors regional chief executive to become its chief operating officer and a series of senior changes has been announced at Kleinwort Hambros.
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EU grey list must not let tax havens ‘off the hook’
Oxfam has warned that the EU grey list of non-cooperative jurisdictions for tax purposes should not be treated as a way of letting tax havens “off the hook”, as those named try to get to grips with the implications of their inclusion.
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Offshore chiefs bid to avoid EU blacklist
Island jurisdictions including Bermuda, Jersey, Guernsey and Cayman have been making last ditch efforts to avoid being blacklisted by the EU.
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Financial centres slam Paradise Papers backlash
The UK’s crown dependencies and overseas territories have hit back at international media scrutiny and allegations that they facilitate tax avoidance and evasion following the leak of the Paradise Papers.
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Cayman Islands offers trust alternative
The Cayman Islands have introduced a “unique” law that allows a company to function with the tax benefits of a common-law trust, which could prove an attractive alternative to trusts for private clients.
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Cayman-based Bernie Madoff feeder fund author of own demise
After a 12-week trial, liquidated Cayman Islands investment fund Primeo, which invested with infamous Ponzi scheme Bernard L Madoff Investment Securities (BLMIS), was found to be “to a very substantial degree the author of its own misfortune”, a judge has ruled.
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High net worth clients to bear brunt of Belgian tax reform
High net worth individuals might end up footing the bill for the forthcoming corporate income tax overhaul in Belgium.
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Bob Pain steps down as chairman of Investors Trust Assurance
Bob Pain has resigned as chairman of the board of Cayman Island-based international life company Investors Trust Assurance SPC as of 1 June 2017.