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Cayman Islands in the foreign press
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| Published on Tuesday, March 9, 2010 |
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Korea should seek information sharing treaty with Cayman
SEOUL, Korea: JoongAng Daily, March 4, 2010 – The government currently has treaties to share client information with six havens, including Bermuda, Samoa and the Bahamas. The Prosecutors’ Office recently set up a division probing offshore funds and the National Tax Office also has a division for hunting down capital flight by tax cheats.
The government should seek similar treaties on client information with other popular havens in the Cayman Islands and Liechtenstein so that illicit capital from Korea has nowhere to hide. If this happens, law-enforcement authorities will no longer have an excuse to drop investigations of politically sensitive bribery and money-laundering scandals citing privacy laws of offshore tax havens.
Draft EU directive requires regulatory equivalence in the Cayman Islands
LONDON, England: Independent, March 4, 2010 – The EU's new Internal Market Commissioner, Michel Barnier, said this week that he would investigate short sales of the euro and the abuse of the credit default swaps market. He is currently supervising the Commission's latest directive to regulate the hedge fund industry, the alternative investment fund managers (AIFM) directive. This measure has the potential to kill the EU hedge fund business, which is 80 per cent concentrated in London.
Clauses in the draft AIFM directive that require regulatory equivalence in territories where hedge funds usually domicile their money, such as the Cayman Islands or Jersey, would effectively end many hedge funds' life in the EU. And it is a substantial business. European hedge funds, predominantly in the UK, grew by 9.1 per cent in the second half of last year to reach $382bn, according to Hedge Fund Intelligence, part of a global wave of almost $2trillion, more than enough to move certain assets or currencies, especially if leveraged with cheap central bank money.
Cayman remains on latest US list of major money laundering countries
SAN JUAN, Puerto Rico, Business Week, March 4, 2010 – A State Department report said Monday that money laundering problems in Antigua and Barbuda tied to schemes involving investment fraud and advance fee fraud have not been corrected. The overseas British territory of the Cayman Islands, which has been lobbying in Washington to thwart a crackdown on offshore financial centers, also remains on the list, along with the Bahamas, Dominican Republic and Haiti. | | | | Reads : 1019 |
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