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Cayman Lawmakers Approve Fee Increases On Financial Services,
by Phillip Morton, Investors Offshore.com
Wednesday, December 09, 2009
The Cayman Islands Legislative Assembly on December 2 passed the Money Services
Amendment Bill, 2009, which amends fees payable by financial services businesses.
The effect of the amending legislation, coupled with associated Regulations
that the Cabinet passed on December 1, will be to:
Increase the annual license fee payable by money services businesses to
KYD10,000 (USD12,345);
Introduce an annual fee of KYD1,000 for each additional subsidiary, branch,
agency or representative office that a money services business operates; and
Introduce a new transaction fee payable to the government, equal to 2% of the
gross amount transferred overseas by a money services business on behalf of
its customers. However, such a fee cannot exceed KYD10 per transaction.
"The government made a deliberate decision to limit the fee to a maximum
of KYD10 recognizing that the majority of persons transferring funds overseas
are lower-paid employees,” explained Financial Secretary Kenneth Jefferson.
“The Money Services Law makes it clear that banks, building societies
and cooperative societies do not fall within its ambit. Hence, wire transfers,
drafts and overnight funds in the banking system are not subject to the new
transaction fee,” he added.
The bill will become law when it is published in the Gazette.
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