Caribbean Review 11/12

By (01/12/2011)

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Section 1 - Overview


The Significance of International Financial Centres (IFC) in the Global Financial System by Professor Gilbert Morris - FSWGC

Professor Morris dissects exactly what position international finance centres in general and Caribbean IFCs in particular hold in the architecture of international finance and global wealth management. He documents their history and the role they have and will play within the global finance system.


A New Dawn for Caribbean IFCs by Anthony Travers – Cayman Islands Stock Exchange

Anthony Travers in his usual forthright manner argues just why commentators and politicians alike have been wrong in their damning and often unfounded criticisms of Caribbean IFCs. He points out, however, that there are signs of recognition by ‘onshore’ governments of the rightful place these ‘transparent and appropriately regulated’ IFCs hold in world economics.


Q&A with Sheree Ebanks & Julien Martel - Butterfield Bank

Sheree Ebanks and Julien Martel answer questions on how the economy in the Caribbean has been affected by the financial crisis, what impact global financial regulation will have on the IFCs and how financial services should develop within the region.


Looking to the Future by Lorna Smith - LGS & Associates

Lorna Smith examines what the future holds for Caribbean IFCs, considering in particular how significant IFCs have been and will continue to be in the growth of emerging markets.

Section 2 – The Jurisdictions In Focus



Commercial Law Developments in the BVI by Michael J Burns & James McConvill - Appleby

The BVI has long been the jurisdiction of choice for offshore companies but Michael Burns & James McConvill from Appleby examine how with ongoing regulatory reform the jurisdiction is proving that it is setting the international standard for ‘offshore’ business.


BVI Case Study: VISTA Trusts in Practice by Sherri Ortiz – BVI IFC

Just how is the BVI used on a daily basis as and IFC – Sherri Ortiz, BVI IFC, provides a practical case study of a BVI structure in practice.


BVI Wealth Planning Solutions for Asian Families by Chris McKenzie & Lee Syin Long -Walkers

Chris McKenzie and Lee Syin Long provide an assessment of the use of BVI IBCs by Asian investors and an examination of why the Caribbean state has been so crucial to the development of the Chinese economy.


BVI Commercial Court Enhances Jurisdiction’s Profile by Helene Anne Lewis – Simonette Lewis

Hélène Anne Lewis considers the importance of the British Virgin Islands establishment of a Commercial Court and how it has helped solidify the islands’ reputation as a leading International Finance Centre.

Cayman Islands


Q&A with Richard Coles, Chairman of Cayman Finance

In a frank interview with the Caribbean Review, Richard Coles, Chairman of Cayman Finance discusses the impact the current economic climate has had on Cayman as an IFC and where he sees opportunities for growth in Cayman's many financial services.


Cayman Retains Dominance Amid AIFM Directive Focus by Ingrid Pierce & Tim Clipstone - Walkers

With a constant stream of new regulatory requirements as a result of the continuing financial crisis, Ingrid Pierce and Tim Clipstone examine how Cayman has managed to successfully maintain its position as a leading jurisdiction for hedge funds.


Divide and Conquer: A New Chapter in the History of the Cayman Islands Judicial System by Bernadette Carey, Associate, and Erik Bodden- Conyers Dill & Pearman

Bernadette Cary and Erik Bodden, Conyers Dill & Pearman, look at the establishment of the Financial Services Division within the Grand Court of Cayman and the important role it will play in maintaining Cayman Islands’ reputation as a leading IFC.


The Cayman Islands as a Trust Jurisdiction by Robert Mack - Appleby

Robert Mack, Appleby, examines the creation of private and commercial trusts in the Cayman Islands, in particular the STAR Trust which is unique to Cayman.


Cayman: Singing from the Same Hymn Sheet by Shan Warnock Smith QC and Andrew de la Rosa – International Chancery and Trusts Chambers

Shan Warnock Smith and Andrew de la Rosa provide an in depth look at the benefits of Cayman for partitioning trusts.

The Bahamas

A Lighter Shade of Grey by Cheryl Bazard- Bazard & Co

Cheryl Bazard of Bazard Law examines the Bahamas reaction to the various compliance issues and anti-money laundering legislation faced by International Finance Centres today.


Q&A with Wendy Warren

Wendy Warren, Bahamas Financial Services Board, answers questions on the Bahamas and the position it plays in global financial services, how the jurisdiction has developed as an international financial centre and what impact the financial crisis has had on business there.


Uses of Trusts in The Bahamas for Wealth Management by Heather Thompson – Higgs & Johnson

Heather Thompson of Higgs & Johnson examines the use of the trust in The Bahamas as a wealth management tool. She details the relevant legislation and the advantages on offer for those establishing trusts in the jurisdiction.


SMART Funds: The Bahamas’ Innovative Creation to Investment Vehicles by Paul Winder - ATC

Paul Winder examines SMART Funds as a flexible, credible and straightforward solution for investors and highlights the benefits of using the Bahamas for their attractive funds regime.


Barbados – Riding the Recession by Trevor Carmichael – Chancery Chambers

Trevor Carmichael, Chancery Chambers, considers how Barbados has coped in the wake of the recession, highlighting how the jurisdiction has continued to build on its reputation.


Quality over Quantity? The Aftermath of the G-20 ‘Lists’ by Francoise LM Hendy – Invest Barbados

Francoise Hendy from Invest Barbados examines the G-20 approach to IFCs in the aftermath of the financial crisis and in particular the impact on jurisdictions like Barbados of the G-20 white and grey lists.

Barbados: A Centre for Wealth Management by Yolande Bannister & Annick Reifer – Alpha & Omega Law Group

Yolande Bannister details why Barbados has become a successful IFC, examining the tax treaty benefits and wealth management tools available.



Bermuda Takes the Lead in Caribbean Interests by Laura Hershey – Ministry of Finance Bermuda

Laura Hersey provides an examination of how important Insolvency II equivalency is to Bermuda, while still protecting the commercial viability of its Captive Insurance sector

Bermuda Monetary Authority Facilitates Shariah Compliant Funds by Fawaz El Malki & Sheba Raza - Conyers Dill & Pearman

Fawaz El Malki & Sheba Raza assess how the funds sector has grown in Bermuda and take a look at the Bermuda Monetary Authority’s recent guidance notes regarding Shariah-compliant funds.


Anguilla’s ‘Holistic’ Approach to International Finance by Pam Webster - Webster Dyrud Mitchell

Pam Webster examines Anguilla’s unique position within the international finance community and highlights why it is well placed to join other British Overseas Territories as a premier destination for financial services.


Antigua & Barbuda’s World Class Shipping Registry by Alice Roberts - Corporate Management Services

Antigua’s rich maritime history plays an integral part in the daily life and culture of Antigua, Alice Roberts highlights Antigua as a world class location for shipping registries.

St Vincent & The Grenadines

SVG: Seeking a Prosperous Future by Bryan Jeeves – Jeeves Group

Bryan Jeeves examines the St Vincent and the Grenadines’ successful compliance with international regulations and how the SVG’s financial services sector may prosper from this in the future.


Panama's Place in the International Financial Community by Amauri Batista Arias - Mossack Fonseca

Panama’s status as a premier IFC was confirmed earlier this year with its removal from the OECD Gray List now, Amauri Batista Arias considers Panama’s  place in the International Financial Community.