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Re: Cyprus Bailout Update
Originally Posted by Gordon Barlow
(Post 10703964)
Actually, Cayman is doing quite a good job in fending off excessive disclosure - mainly because we have a lot of heavy hitters who use our facilities. It's generally presumed that many Western politicians receive their bribes in Cayman, paid by the Cayman subsidiaries of the corporate bribe-payers. Sad but true.
What is more dangerous to us (and everybody else in the world!) is the apparently well organised program of a) theft of customers' balances by hitherto reputable banks, and b) confiscation of customers' assets held in segregated accounts. I've just posted some relevant comments on my blog ("Unsafe custody") which give an overview of my concerns. |
Re: Cyprus Bailout Update
Originally Posted by zygiman
(Post 10704442)
I read somewhere that the Cayman Islands are home to something like one million companies, is this correct?
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Re: Cyprus Bailout Update
Cyprus received €2 Billion Euros today and will receive another €1 Billion Euros by the end of June.
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Re: Cyprus Bailout Update
Originally Posted by Gordon Barlow
(Post 10704546)
No, nothing like! I've never read a figure higher than 60,000, though that could be a bit higher by now, with all the hedge funds' clients. If we had a million companies all paying fees, our government finances wouldn't be in the bloody mess they are in. (Although, one should never underestimate the ability of Civil Servants and politicians to over-spend, I guess...)
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Re: Cyprus Bailout Update
Deloitte's money laundering report shows large lack of due diligence by Cyprus banks. Majority of clients came from introducers, who carried out due diligence. The beneficial owners of companies were sometimes three times removed from the banks.
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Re: Cyprus Bailout Update
More banks are relived of capital restrictions, these are Bank of Beirut SAL, Banque BEMO SAL Banque SBA, Barclays Bank PLC, BBAC SAL, BLOM Bank SAL, Credit Libanais SAL, Jordan Ahli Bank plc, Lebanon and Gulf Bank SAL, OJSC Promsvyazbank Privatbank Commercial Bank and Russian Commercial Bank (Cyprus) Ltd.
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Re: Cyprus Bailout Update
Originally Posted by Gordon Barlow
(Post 10703964)
Actually, Cayman is doing quite a good job in fending off excessive disclosure - mainly because we have a lot of heavy hitters who use our facilities. It's generally presumed that many Western politicians receive their bribes in Cayman, paid by the Cayman subsidiaries of the corporate bribe-payers. Sad but true.
What is more dangerous to us (and everybody else in the world!) is the apparently well organised program of a) theft of customers' balances by hitherto reputable banks, and b) confiscation of customers' assets held in segregated accounts. I've just posted some relevant comments on my blog ("Unsafe custody") which give an overview of my concerns. |
Re: Cyprus Bailout Update
Originally Posted by zygiman
(Post 10715889)
The Cayman Islands will start to feel the heat. Interesting article from the BBC http://www.bbc.co.uk/news/business-22592662
That says it all, pretty much. |
Re: Cyprus Bailout Update
Two more banks are exempted form Cyprus capital controls.
They are Arab Jordan Investment Bank SA and Byblos Bank SAL. After the fourth decree on foreign banks the foreign credit institutions exempted from capital restrictions is increased to 14. |
Re: Cyprus Bailout Update
Cyprus Land Registry employees working extra hours and on Saturdays without pay to reassess property values as part of bailout deal. New assessments must be completed by June 2014. They must also issue overdue title deeds for 60,000 units.
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Re: Cyprus Bailout Update
Originally Posted by zygiman
(Post 10728233)
Cyprus Land Registry employees working extra hours and on Saturdays without pay to reassess property values as part of bailout deal. New assessments must be completed by June 2014. They must also issue overdue title deeds for 60,000 units.
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Re: Cyprus Bailout Update
I don't want to state the obvious, but Cyprus Land Registry it's a joke.
Where else you need to way 5 years for a title deed of your house? |
Re: Cyprus Bailout Update
Turkey
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Re: Cyprus Bailout Update
Originally Posted by jessyt
(Post 10745277)
I don't want to state the obvious, but Cyprus Land Registry it's a joke.
Where else you need to way 5 years for a title deed of your house? |
Re: Cyprus Bailout Update
Cyprus lifts capital restrictions on residents of Cyprus with accounts in foreign banks who had accounts before restrictions came into force
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