In this section you will find various reports, surveys, summaries, and publications related to the financial services industry. If you would like to suggest additional resources for inclusion please use the Contact Us button on the main menu.
Richard Coles, chairman of Cayman Finance, outlines the success of another sterling year for the Islands' captive sector and looks forward to this year's Cayman Captive Forum.
For criminals moving large sums of dirty money internationally, there is no better device than an untraceable shell company. This paper reports the results of an experiment soliciting offers for these prohibited anonymous shell corporations. Our research team impersonated a variety of low- and high-risk customers, including would-be money launderers, corrupt officials, and terrorist financiers when requesting the anonymous companies. Evidence is drawn from more than 7,400 email solicitations to more than 3,700 Corporate Service Providers that make and sell shell companies in 182 countries. The experiment allows us to test whether international rules are actually effective when they mandate that those selling shell companies must collect identity documents from their customers. Shell companies that cannot be traced back to their real owners are one of the most common means for laundering money, giving and receiving bribes, busting sanctions, evading taxes, and financing terrorism.
Click Here to read the full Centre for Governance and Public Policy report
It is with some trepidation that I open the batting here today since my membership of STEP lapsed inadvertently back in 2005 (my STEP files and records were Hurricane Ivan victims). And more importantly, there are in the audience very many delegates who are far more qualified and experienced than I in private client matters. As some of you will only know too well, I have over the past few months been reaching out (sometimes in desperation) to practitioners in Asia, Europe, the United States and here in Cayman to get a better feel for what you see as the likely trends and the future of the industry.
At the depth of the financial crisis, many troubled hedge funds were at a loss as to where to turn for help. In the run-up to the sub-prime meltdown, the hedge fund industry had been growing at a phenomenal pace and the vast majority of its participants had never faced even a hiccup in the market, let alone a full-blown and far-reaching crisis. It turned out that where they were based made a difference.
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