A new piece of legislation currently being steered through the UK parliament could have a significant impact on the Cayman Islands.
The Criminal Finances Bill, which once passed will amend the Proceeds of Crime Act, is focused on dealing with terrorist financing but it also creates corporate offences for cases where people associated with a company or partnership facilitates tax evasion. Given the potential to effect the local industry here, Cayman Finance is bringing in a UK official and hosting a seminar next week to go through the new law.
Jennifer Haslett, from HM Revenue & Customs, Corporate Crime and International Engagement division, will join Jude Scott, the Chief Executive Officer of Cayman Finance, as well as officials from the Ministry of Financial Services and Governor Helen Kilpatrick to explain the implications on Cayman generally and on businesses within the local financial services industry.
Scott said it was important to establish a direct line of communication between Cayman’s financial services industry and those in the UK who are working to pass this legislation.
“All stakeholders within the industry are encouraged to attend this seminar where attendees will hear directly from the UK officials providing the opportunity to ask questions and seek clarification on the bill to better understand how it will affect the financial services industry,” Scott said.
News Source : Caribseek News