News & Events

On 19 March 2019, the Caribbean Financial Action Task Force ("CFATF") issued its latest assessment of the Cayman Islands’ AML/CTF/CFP regime (the "March Report"). The assessment evaluated technical compliance (i.e. having legislation in place) but also, for the first time for the Cayman Islands, evaluated the effectiveness of Cayman Islands legislation.

In a Judgment delivered on 2 July 2019, the Grand Court dismissed the Plaintiff’s application to amend his pleading and granted summary judgment in favour of DMS, thus dismissing the entire action in favour of the Defendants without a substantive trial. This recent judgment is concerned with the circumstances in which a management company offering directorship services can become vicariously liable for the acts or omissions of an employee, and also provides a helpful reminder about the threshold for proving “wilful neglect or default” and for obtaining summary judgment and strike out.

The SIB Amendment includes a number of amendments to the Securities Investment Business Law (2019 Revision) (SIBL) in response to the Caribbean Financial Action Task Force’s evaluation of Cayman’s anti-money laundering framework and the Cayman Islands Monetary Authority’s (CIMA) review of the Excluded Person regime under SIBL. The amendments will affect persons who are currently registered with CIMA as Excluded Persons under SIBL and broadens the scope of the regulatory and supervisory framework for persons conducting securities investment business.