U.K. Won’t Approve Cayman Budget

By: - May 23rd, 2011

The United Kingdom will not sign off on Cayman’s budget for the upcoming year without cuts to civil service personnel, it announced. The budget had been set for delivery to the Legislative Assembly May 23, but British concerns about personnel costs have become a major hang-up. “The U.K. says the present personnel cost is unsustainable,” said Premier McKeeva Bush in a statement. “This has resulted in the Budget Address being delayed for additional review time by the U.K.” Bush said that he would not cut back on salaries and benefits, with other cuts needed to come from the budget. Cayman has an estimated $4.6 million operating deficit as of earlier this month. [Caymanian Compass]

Cayman Islands

Cayman Passes Changes to Companies Law

Caymanian legislators passed three laws yesterday aimed at bringing financial services in the Cayman Islands in line with international standards. The three laws were the Companies (Amendemnt) Bill 2011 and two companion bills — the Securities (Amendment) Bill and the Property (Miscellaneous Provisions) (Amendment) Bill. “This is the first round of critical changes to the […]

Cayman Islands

Cayman, IRS Meet on U.S. Foreign Tax Compliance Statute

Cayman Premier McKeeva Bush Cayman Islands Premier McKeeva Bush led a Cayman delegation to meet with the United States Internal Revenue Service’s Deputy Commissioner, Michael Danilack, along with other senior officials to discuss implementation of the Foreign Account Tax Compliance Act. The meeting was a “fact-finding mission in order to gain a clearer understanding of […]

Cayman Islands

Cayman to Enforce Libya Sanctions

Cayman Islands Attorney General Samuel Bulgin The Cayman Islands financial industry is preparing for restrictive measures to execute U.N. Security Council and European Union sanctions against a number of Libyan nationals and entities. Cayman’s Attorney General, Samuel Bulgin, who is chair of the Anti-Money Laundering Steering Group in the territory, is advising banks of the […]

SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You