OFAC says no order issued

| 22/12/2010

(CNS): Update 4pm -Following further investigations today, the Cayman Islands government has said that the US Office of Foreign Assets Control (OFAC) has issued no orders telling brokers not to do business with Cayman as was suggested by a US based firm. Government said that the law firm of Sidley Austin LLP, which represents the CIG in the US has confirmed with the Director’s office at OFAC that there are no orders, directives or other regulations that restrict US financial institutions or US citizens from doing business with the Cayman Islands, its financial institutions or residents. "It is now clear that any action TD Ameritrade may have taken was made without the knowledge or approval of OFAC," government said in a statement.

"The Cayman Islands Government is continuing to work with our wide network of financial and legal partners to ascertain the origins of this erroneous information, at which time a comprehensive statement will be issued to both local and international media,” officials told CNS.

Cayman Finance also said on Wednesday afternoon that OFAC Deputy Director Barbara Hammerle had revealed that she is ‘mystified’ by the report from TDAmeritrade and the OFAC does not block transactions with jurisdictions, but targets specific parties. The industry body also revealed that the General Counsel of TDAmeritrade has confirmed that the order did not come from OFAC, but the exact reasons for certain account closures by the brokers has still not yet been explained.

Cayman Finance understands that TD Ameritrade is accepting alternate US addresses for existing clients.  TD Waterhouse in Toronto is accepting Cayman clients, as is Charles Schwab.

Concerns were raised on Tuesday afternoon by Cayman Finance following the revelation from one of its members that its US broker TD Ameritrade would no longer do business with the Cayman firm at the behest of the Office of Foreign Assets Control (OFAC) in the US Treasury.

Cayman Finance circulated an email to members with a copy of a letter from the brokers (see attachment below), saying that they would no longer be working with certain international jurisdictions including the Cayman Islands.

Following receipt of the letter it is understood that the Cayman Finance member spoke with TDAmeritrade and was told the direction had come from the OFAC. This  has now been revealed to be incorrect.

Both Cayman Finance and government say they are continuing to ascertain why the broker is informing clients it will no longer do business with those based in Cayman and why it is being suggested, incorrectly, that OFAC is behind the decision.

According to the letter sent 8 December to the locally based firm, the US brokers were placing restrictions on the account because of international requirements.“After assessing global requirements for doing international business, TDAmeritrade has decided that we will no longer open or maintain accounts in certain international jurisdictions,” the letter stated.

On Tuesday evening the chair of Cayman Finance, Anthony Travers was the first to reveal that he did not believe the order was from the OFAC, a part of the US Treasury that enforces America’s economic sanctions.

Anyone experiencing similar difficulties with their US brokers should contact Denise Gower denise.gower@caymanfinance.ky The Miami customer service number for Charles Swab is (602) 355-7300).

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  1. Anonymous says:

    I lived in Cayman for 10 yrs., now living in Panama. I started receiving messages on my Ameritrade account when trying to buy options that I could only liquidate positions. I called an agent and he would give me no other information other than instructions from the compliance dept. were to accept sell orders only. So it is not only Cayman that is affected.

  2. Que says:

    Any further developments?

    Below is the response i received from the online rep:

    TDA: "Unfortunately we are unable to disclose any additional information other than the decision was based on an objective assessment of risks for the Cayman Islands."

  3. Anonymous says:

    This looks like unfair discrimination to me. Given that OFAC did not impose any requirement to isolate the Cayman Islands, then there appears to be grounds to bring an action against TDAmeritrade for unlawful discrimination. We may also be able to claim reputational damage to our financial services industry. Remember Oprah and the the beef/meat services action against her? Those arguments may be useful to apply to this stituation.

  4. Anonymous says:

    This action of TD Ameritrade is not restricted to the Caymans.  It has been applied to many other non US juristrictions and seems to be an action to preempt  the issues which will be created for brokers by the introductionof currency controls in and out of US markets.

    Owners of TD Ameritrade accounts were not informed directly by the secure communication facility available on their web site and only got snail mail letters posted from the US by ordinary mail which gave them one or two days notice of this action in the best case, and no notice in many cases.


  5. Anonymous says:

    It is a simple business decision for TDAmeritrade and other brokers.

    Do they want to run the reputational risk of having customers with Cayman Islands accounts?

    Given that the Cayman market is probably negligible in terms of turnover for them, the decision is easy, especially once they had legal and compliance all over it.

    Let the Americans freak out if they want to, just switch to a non-US broker.

  6. U.S. Freedom of the Press says:

    CNS, this was a waste of news coverage! 

    A Lesson:  Don’t be so quick and hasty to publish whatever comes from a news’ source. I see that first you published that OFAC issued an order against your Financial Center, the Cayman Islands. It was published on your site for more than 24 hours.

    Then now you say opps… OFAC says no order has been issued against the Cayman Islands. I have seen flip-flopping before, but to see this from coming from a news entity,is not very professional. I suggest you learn to put issues on the table and be careful on what you published. I am in the UK, far away, and to see this news hiccup is not good for the islands’ image. When you touch the financial industry, the bases of your economy, you have to be so careful.

    • Anonymous says:

      This is not a waste of news coverage.  Those of us, including myself, that have talked to customer service at Ameritrade are still getting told that OFAC and US Treasury instructed Ameritrade to no longer maintain accounts with Cayman residents.  I called them again this morning, and this is still what Ameritrade is telling its clients.   

      There are many, many Cayman residents that maintain accounts with Ameritrade, so this is a highly relevant story.  The ongoing reporting by CNS on this matter has been very helpful. 

      Thank you CNS for your reporting on this matter so far. 

    • Anonymous says:

      I think CNS have published the facts of the story, expanding further on them as the story progressed, TDA have, and still are saying that they are closing the accounts due to an OFAC directive – no change from the original story.

      OFAC say they haven’t issued any directive – new information added to the story and something Cayman Finance were unaware of at the outset.

      At no point did CNS say OFAC issued an order, they said TDA said OFAC issued an order, and quite a distinct difference I think you will agree and still true.

      CNS have done absolutely nothing wrong here and have brought this out into an open discussion about something that was a) commonly known on the island b) rife with speculation c) lacking in any clarity.

      The only difference now is that we know OFAC haven’t issued any directive.

      The remaining question is why TDA continue to say they did.

  7. Anonymous says:

    Those excluded from TD Ameritrade should look at two direct access brokers, Interactive Brokers and Tradestation Securities.  Interactive Brokers is excellent with trading in products throughout the world (paradoxically at 10% the cost of TD Ameritrade).   Tradestation is excellent as well, but only suitable for those that trade in excess of 5,000 cumulative shares a month.

    I spoke to client service at each broker today and both indicated they have no plans to exclude Cayman residents.  I have used both for years (in addition to Ameritrade), and account holders will be truly impressed by the product set, software, and cost.  They are both far superior to Ameritrade.

    Anyway, check out their websites and see for yourself.  

  8. Anonymous says:

    Spoke with my rep at Trade Station today and was informed that they have had no such instruction and are still accepting clients from Cayman at this time. Hope that doesn’t change anytime soon.

    • Anonymous says:

      Are you reffering to TD Ameritrade,  E trade, or Scotts Trade?. I am interested because if they handle individual portfolios from Cayman I would want to check them out. Do you mind sharing that that Co. name? 

  9. Frank says:

    US Office of Foreign Assets Control (OFAC)?? I love the amount of control the US needs to have over the assets of their people. Due to ridiculous government spending (and crediting) they now have to try and monitor everybodies overseas assets to make sure people arent getting tax breaks. I’d sooner give up my rights to US citizenship than have my country looking over my back to see every move i make. How about you take a look at your own financial problems (huge debt to China being one) instead of wasting money on chasing people for not paying taxes on a property or funds not kept within the US! And for the amount of tax paid you would think that US people would be able to get free healthcare also. Ridiculous.

  10. Anonymous says:

    Who cares about TD Ameritrade anyway. They are just one of many providers in a competitive sector.

    What worries me is the similar letters others report getting from other brokerages. If OFAC says it wasn’t them, but all the letters point to a US black list of 50 countries, then I wonder what is actually going on here?

    This would be a great opportunity for one of the Cayman banks to step up and offer a similar service with competitive fees. I would prefer to business locally anyway.

  11. Anonymous says:

    OK, so what did Mac do to screw this up and have US economic sanctions deployed against the Cayman Islands? Surely anyone awake at the helm should have received a word in advance that this was in the works.

  12. Anonymous says:

    Called TD Ameitrade myself today (Wed) and was told that the OFAC instructed TD Ameritrade that it could no longer maintain brokerage accounts for residents of the Cayman Islands.  

  13. Anonymous says:

    Just as an aside, you can’t walk a block in downtown Georgetown without running into an HSBC, Royal Bank of Canada, Scotia Bank, CIBC (FirstCaribbean), etc, all of whom will be more than happy to handle an investment account for you, and all of which are major international banking players (note the Canadian dominance, HSBC aside of course).

    I don’t know what’s up with TDAmeritrade, but screw ’em if they don’t want the business. It’s not like the rest of the world isn’t standing by to service the needs of Cayman residents (persons or corporate).

  14. Anonymous says:

    This is not a scam. I got the same letter from TDA with whom I have had an account with for 13 years. When I spoke with them, they were just so sorry but it’s the new rules. When I contacted e-trade to see if I could open an account, I was put on hold and after checking and double checking the guy said no due to the fact that we are on a list with 50 other countries that they are told by the US Gov’t not to do business with.


    • Anonymous says:

      "… US  Gov’t…"

      It’s not like the US is the only country on the planet with brokers…. go shop for another jurisdiction to host your account, and then have them do your trades, on Wall Street or wherever.

  15. Tim Ridley says:

    It is comforting to hear that OFAC has not issued any Cayman specific order. But that is scarcely the only real issue. What I suspect is behind the decision of TD Ameritrade and the other (discount) brokers is rather more insidious and concerning for the longer term. The ever expanding and increasingly onerous US legal and regulatory requirements (Patriot Act, HIRE etc) simply make it uneconomic for these brokers to handle offshore accounts. So it is the continued increase in the burdens and cost of doing business offshore that we should be very concerned about, not simply what OFAC may or may not have done.


    • Anonymous says:

      Folks please do not panic but take comments from Mr, Ridley very serious. He understands the logic and how these people think. Mr. Ridley I know you care and have been treated unfaily at times. But please keep the joe public properly informed. We in Cayman, are tryng to be destabilised and we need persons of integrity such as yourself to keep watch. Why should you do it you may say ? I say because you care and you sir have earned my respect many years ago and we cannot trust our current leaders because many are clueless.It’s never too late to turn a Country around you just need the proper individuals with EXPERIENCE in their proper places. 

  16. Anonymous says:

    Just be careful with such letters. They may be real, they may not.

    It is not unusual for banks and brokerage houses to have data compromised. Scammers get hold of the data then issue letters to like these to account holders to try and get hold of your information.

    Never call the number given on the letter. Always independently look up the main number for your brokerage house and call a number for them you know and trust.

    Otherwise you risk calling scammers, confirming your account details to them, and giving them information they might use to gain access to your accounts.

    • Anonymous says:

      Yea: Real nice after using the better part of today liquidating half of my portfolio at TD Ameritrade some while they were riding the market high for the day I closed them out because of this news. At 11am today I called TD Ameritrade and spoke to a lady who confirm the order. She also said Canada and possibly some other countries were doing the samething. Oh boy!!!!. I should be able to sue TDA for falsely costing me economic loss.

      • Anonymous says:

        You never have to sell shares to liquidate an account.

        You can simply transfer the underlying shares to another firm. The broker is simply holding the shares on your behalf. TDA, or the USG for that matter, cannot force you to sell anything just to close an account.



  17. Sick and Tired of the B...S... says:

    Does Anthony "The Sceptic" Travers really believe that the Deputy Director of OFAC, or indeed any other US Federal agency, would never lie to him………..

  18. My2Cents says:

    Charles Schwab have had the same policy unofficially for years. I’ve tried on numerous occasions to open accounts there for my clients, to be given the run-around for six months and buried in an unreasonable blizzard of documentation requests until they finally: (a) they ask for something I can’t provide; or (b) we give up. Either way it is very clear Schwab do not want our business.

    And thats fine – there are dozens of Canadian and UK brokerage houses to use instead.

    • Anonymous says:

      I am now turning paper assetts into cash . no more fooling with TDAmeritrade and other American brokage companies. I am liquidating my positions since fees in Cayman are too high. I go aclicking at my key board.

  19. Anonymous says:

    I too received the now infamous TD Ameritrade letter.

    As a result, I contacted E-Trade to try to open up an account and they informed me that they cannot open an account with anyone resident in the Cayman Islands.

    So two major online US Brokerage firms are blocking residents of the Cayman Islands….

    What is going on here?

    • Anonymous says:

      Went through the same thing today, the person at e-trade said that we are on a list of some 50 countries that they no longer will be doing business with.

      So what options do we now have?

  20. anonymous says:

    I have for several years used an online foreign exchange company called XE Trade for currency transactions. On December 14 I received an email from them which read

     "Due to the various financial services regulations we operate under, we can no longer offer XE Trade services in your home country. Unfortunately, as a result of these requirements we are required to deactivate your account and discontinue your XE Trade service. We apologize for any inconvenience and thank you for using XE Trade to date – we very much appreciate your business."

    This company is Canadian. Co-incidence or part of a real problem for Cayman?

  21. Anonymous says:

    For those who don’t know what the US Office of Foreign Assets Control (OFAC) is… here are some facts:

    1. It is under the porfolio of the Under Secretary of the Treasury for Terrorism and Financial Intelligence

    2. The OFAC are the ones who administers and enforces economic and trade sanctions based on U.S. foreign policy. All like Cuba and Iran… the economic sanctions enforced against these countries are through the OFAC

    3. In 1812, Secretary Albert Gallatin administered sanctions against Great Britain in retaliation for the harassment of American sailors. The OFAC was used as a tool for retaliation.

    4. The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business. The OFAC tells Americans who they can do business with and who they should avoid.

    Note: As far as I know, certain law-makers including the President of the United States, had negative sentiments against the Cayman Islands. First, we were branded as a Tax Evasion center… now it could be certain of our banking clients may not be on good terms with the United States.

    My response: So what???

    United States has created her own problems from the start. This may slow us down, but it will not stop us from becoming a great financial center. The U.S. is not the IT!Look out for China and othe nations ahead of the U.S. in many ways.

  22. Anonymous says:

    I am a Caymanian and a long-time TDAmeritrade customer and I also received a letter indicating that I would no longer be able to trade securities using their service after December 21st. It will be interesting to see how this story develops over the course of the next few days.

    • Anonymous says:

      Did TD Ameritrade told you what will happen to youraccount?

      Are they going to close or give a time to reply to remove your funds?

      How are they going to do that?

      I have some positions with them that are negative, what are their plan regarding that, if we cannot find any other broker?

      Sorry to ask so many questions, but this far I have received no letter of block account and this is very serious, any comments?



      • Anonymous says:

        They told me there is no timeline on selling or transferring my positions and closing down the account but I figure probably better to do sooner than later.  Never know with the Yanks.

  23. Anonymous says:

    I received a letter from TDAmeritrade advising that my account is blocked. I called them and they said that by order of the US government they are required to block all existing accounts of Cayman residents and they may not open new accounts for Cayman residents. I avoid brokerages in funny places to avoid this type of banana-republic behaviour. I never expected this to happen with my US accounts! I don’t like being treated like a criminal because of where I am living… the Cayman government had best sort this out quickly or this will be a real problem for the jurisdiction!

  24. Fabfix says:

    I have been resident in Cayman for many years and have been a long time account holder at TDA. I have recently received a letter including exactly the same text quoted in the piece. I do not believe that this is a scam as the letter arrived via snail-mail – the route employed by TDA for their communications with me over the last few years. There a greater forces in play here than small-time scammers.

  25. Anonymous says:

    CNS is really taking up where the Cayman Net News left off. An untrue story but an inflammatory headline from CNS is used to create a stir (which I see you have now changed). Very disappointed that this is now "journalism" in Cayman.

    CNS Note: Actually, it isn’t an ‘untrue’ story as you will see from the statement from government nor was it an inflammatory headline. I have been updating the information as itcomes in to us in order to be as accurate as possible, given that from the very start the details were not clear, but none of those details were created by CNS, they all came from sources which were clearly revealed. The letter is attached to the story and the comments from Cayman Finance and now government are also clear for all to see.

    • Dusty Diver says:

      How can you be disappointed with real time journalism. CNS is working hard to bring you the facts they gather as they receive them. There is an important story here and I am happy to see that people are trying to getto the bottom of it for a large number of us in the community who are interested in what has happened.

      CNS please keep updating this story as you find out more. There are a large number of us very interested in finding out why TDAmeritrade has done a 180 as far as dealing with brokerage accounts funded from Cayman.

      I am encouraged to hear that Cayman Finance and the government are looking into what has happened and hope that they are able to get some answers so the country can work to make sure other brokerages do not take the same action.

      Anyone out there who may be looking for a new brokerage may be interested to know that I contacted customer service at Charles Schwab and they are quite willing to accept funding of accounts from and provide trading services to the Cayman Islands.

      CNS please continue to update us as new information becomes available the service you provide is greatly appreciated in a country where newspapers are already a day or two old by the time you buy and read them.

      • Anonymous says:

        Please let us know what are the terms and conditions at Charles Schwab are and whether their trading fees are within the affordabilit of the small and medium investors. I personally would invest with them

        • Anonymous says:

          I’m a Caymanian and personal investor using TDA and received the same letter as others here. I researched Etrade, Scott Trade and Schwab and according to their websites, their trading accounts are for U.S. residents only. New account applicants must have a U.S. physical address and provide their Social Security No.

          In terms of my holdings at TDA, I plan to leave them there until I am satisfied with their appreciation. I have no plans to sell my securities at a loss and close my account.


          • Anonymous says:

            No need to sell.  You can ACAT or DTC "in kind" to your new broker.  There are several Cayman based brokerages that can help.

        • My2Cents says:

          I’d not bother with Schwab. They have had this policy in place for years, just unofficially.

        • Anonymous says:

          Or, you could contact Charles Schwab and get this information yourself ………..?

    • Anonymous says:

      Your initial headline yesterday was "OFAC blocks Cayman" or something very similar and various posters were trying to point out that it was not true. A shame you don’t have time to do research before publishing. Although I suppose such unfashionable journalistic measures are not good for the "Hit Count".

      CNS Note: Yes based on information from Cayman Finance and the brokers. At the time that was what was believed to be the case. News is a  dynamic — things change so do headlines. However, if you feel we are failing in some way there is no obligation for you to log on, read or comment on CNS but we are really pleased that you do. Merry Christmas!

      • Anonymous says:

        And I will continue to read CNS, because I love you really…merry Crhistmas to you too. By the way McKeeva ate my cat this morning. You could run that; "Premier Munches Kitten". Then change it to "it’s being looked into" then tomorrow run a headline stating it was not true in the first place, that would be dynamic ever-changing reporting.

  26. Anonymous says:

    CNS: Why do I get "page not found" and "thanks for your vote" sometimes when I click on thumbs up or down. It’s been happening quite a bit recently. Very annoying

    CNS: It’s an issue we’re working on. Apologies.

  27. Anonymous says:

     This smells like a scam call a number and put in your account info and password please do not do this 

  28. Anthony Travers Cayman Finance says:

    Cayman Finance has verified the position with the Deputy Director of OFAC .No such order has been issued so this story is erroneous in that respect and shoud be removed

    • Anonymous says:

      Story should be removed. lol. I see why you and Mac get on so well.

    • Anonymous says:

      If it is the case that OFAC have no part in this that leaves TDAmeritrade providing false information to its now ex customers.

      So is the story now that TDAmeritrade have made up a reason to leave Cayman and are blaming OFAC as they aren’t brave enough to face their customers?

      If it is an economic, or otherwise, decision by TDAmeritrade to leave Cayman it would be nice to know why. Were they ‘told’ to exit on the QT and now OFAC are back peddling to save face? Why would a large financial organisation get the information so wrong?  Too many questions to let this one drop.

      I hope its something prozaic and we can all go back to worrying about the usual things, until then keep the questions coming please.

      CNS Note: Please read the updated story for more informaiton


    • Anonymous says:

      The story is a valid one. It should not be removed but should be properly titled to avoid misunderstanding. How about "Apparent ATD lies being investigated?" 

      Have any other brokers been identified who also want to be rid ofCayman residents because of OFAC rules that no one can trace?

    • Anonymous says:

      OK it’s a fact the letters were sent but LISTEN to the experts such as Mr. Travers. Another one who cares about Cayman and I hope and pray he continues to have our Country at heart even though I know that he gets offended at times because the POWERS to be don’t listen and get it. Please keep it up Anthony.

  29. Anonymous says:

    Franklin Delano Roosevelt famously stated to Winston Churchill :

    " The West Indies may be part of the British Empire, but they are in our backyard and we dictate policy " .

    What could Churchill say, when Britain was so indebted to the USA for not only World War I but without the US funding of World War II and the Lend Lease programme!

    Although Churchill tried to hang on to the concept of the empire, America was clearly in the driving seat after WWII and have remained so until this day.

    Don’t forget also that it was America that pushed for Britain to grant India the right to self-determination during the LendLease negotiations.

    • Anonymous says:

      " What could Churchill say, when Britain was so indebted to the USA for not only World War I but without the US funding of World War II and the Lend Lease programme!"

      England was pounded very badly in WWII and if not for England, hanging in we would all be singing "Hail Hitler".  It was WWII that brought England down because the United States didn’t want to join the war but they have no problem minding everybody’s business now, don’t they?

      • Anonymous says:

        The US has to mind everyone’s business…. England can’t , they are too weak…. but make no mistake about it… they would love to be in the position of strength like the US even at its weakest point with  a deep recession.

        • Joe Average says:

          I don’t know how this topic arrived but while we’re on it let me clarify your statement:  "they would love to be in the position of strength like the US even at its weakest point with  a deep recession."  What planet have you been on?  The U.S. has had it’s imperialist a$$ kicked where ever and when ever it has decided to stomp in with guns blazing.  It has also lost all credibility with a succession of bogus presidential elections and buffoons and lackeys for presidents.  What strength do you speak of?  When Americans walk in fear in any part of the globe they decide to travel because the U.S. military has used torture, payoffs, rendition, and mercenaries?  And their own government taps their phones and spies on them?  When one in five Americans relies on food stamps?  When millions of Americans are unemployed?  When a corrupt banking and corporate system looted the treasury and then forced people from their homes?  You call that strength?  Strength such as the Third Reich, it’s mad leaders and Storm Troopers wielded?  Or is it some other kind of strength you speak of?

          • Afraid to Strap on a Pair Also says:

            Joe- does the term res ipsa loquitur mean anything to you?  I get that you have distaste for Americans and the US but please elaborate on what you feel are these superfine characteristics that define Cayman.  Is it the ability to cheat and lie and profit without the usual consequences?  Aw- do you feel disentitled?

            • Anonymous says:

              Thanks Strap on a Pair Also.

              Driving around, there are only a few things here that remind you that you are not in the US.

              Lovin’ the circus tent at Captain’s Bakery… And the new bank going up at the Grand Harbour round about. Nice.

              Can’t wait to see the new airport. I will miss waking across the tarmac. That blast of warm air reminding you that you are in Paradise. Losing flavour of the Caribbean must be what it’s all about.


  30. Anonymous says:

    for all those caymanians who look to america for the caymanian dream with ur tv’s and profligate lifestyle….i am the only caymanian who has always thought of america as self interested and overrated….

    american dream shouldn’t be the cayman dream.  when we stop tryin to be americans we’ll find our culture again.

    • Lachlan MacTavish says:


      Thx….I have said for years if Caymanians and especially the youth would please stop trying to "be like Mike/USA". 

  31. Anonymous says:

    I doubt very much that there is anything sinister about this. The powers that be simply want to know a bit more about who is trading on US Stock Markets. The Cayman Companies Law can effectively hide the true ownership of a company, so until we become a bit more transparent Uncle Sam is just closing a few loopholes that could be used to prey on American investors.

    • Anonymous says:

      You can hide any share account if they are held in "street names" at any broker or investment house. There would be no investmsnts if people could not hide their investment like this. The borkers are agents for the investor and must keep his information confidential. That is what free enterprise is all about. when you start to change that you are going the ways of the Soviets and this has no place in the Capitalist or free enterprise economy.

  32. Anonymous says:

    This appears to be sudden and arbitrary. What is the reason for the U.S. imposing economic sanctions on Cayman?

  33. Anthony Travers says:

     The Deputy Director of OFAC is unawre of any such action by OFAC

  34. financial Mole says:

    We join and sign all these fool fool tax agreements for all those who continue talking rubbish and buying into the premier grand immigration giveway plan here is your just rewards aaaah Cayman you just do not get it our situation is being decided managed planned and executed to move us out of this international financial system whether it is by crime rates or by financial sanctions.  Mother is here to guide us to the promise land of obscurity don’t worry be happy! 

  35. Anonymous says:

    Ok Mr. Bush so what happen to all those white list that you claim that you work so hard to get us off what now ???????

  36. Anonymous says:

    are we still on the road to success mackeeva?????

  37. Anonymous says:

    And did Cayman News Service attempt, in any way whatsoever, to see if OFAC has indeed issued anything at all "blocking" the Cayman Islands ?  Of course not…………….

    CNS Note: Yes we have contacted the OFAC and we await a response. However as you can see Cayman Finance appears to believe it has.

    • Anonymous says:

      CNS. it is true this poster happens to have invested a few dollars through TD Ameritrade PLC and I received the identical letter in my post box on the weekend. You see  small investors like myself cannot afford brokeage fees on investments in the Cayman Islands because the enormous fee the brokage fee  at our local banks charge. e.g. say you want to invest in the share of company AB LTD. so you invest $1000 up to 1.5 percent of that is taken in fee and thats the same when you want to sell. The economy is geared to the people with hundreds of thousands and millions of dollars. In the U.S. you can trade stocks for as low as $4.50 to $9.99 per trade. I know some critics might suggest that if its so difficult maybe the ordinary man should not venture into portfolio investing. Well this is what the rich of this country wants you to believe that you can’t manage it, leave it to the big guys. Ok that is so they can control investments and pension funds portfolios. in such a case you will run to them or keep out. Just as they aspire to improve their wealth the small investor has a right too. If US is clamping down on Cayman why should they 25 years residency and all the incentives to invest in our Island. Why are we kissing up to these people.Many of us spend our money in their country. many of us wants to be like them , we dress like them we try to speak with their accents , we immitate their gangs style ways. We like their big Macs, and Wendy burgers. They are no better than us.

  38. anonymous says:

    not good news cayman will need to look into caribbean latin and south american money markets

  39. Well we are cooked now, what we have been tellingthese people  for a long time now, the lawlessness, the defiant attitudes that we listen to daily, have took its toll.

    It will be getting worse too. have the big shots fix this one.

  40. Anonymous says:

    Boy ah tell you, I don know why these big countries grudge Cayman so fa.

    Them is the biggest crooks, but still want to controll everybody purse string.

    • John Evans says:

      It’s only a guess but the USA probably has it in for Cayman because it’s widely believed that the funding for the 9/11 attacks was routed through offshore accounts based there.

      Disprove that theory and you go a long way to overcoming the problems.

      • Anonymous says:

        How do you prove a negative?  How do you prove something didn’t happen?  Do we show them every single transaction that has taken place in Cayman in the last 20 years?

      • anonymous says:

        Silly post John

      • Anonymous says:

        John, that is just ridiculous. 

        1. We obviously can’t prove a negative.

        2. There has been a gap of 9 years since 9/11 so that seems highly implausible.

        3. How much funding would 9/11 have really needed? A few pilot lessons and airline tickets? It was a brilliantly evil plan that required very little funding but caused catastrophic damage.  

        4.  Here is a U.S. govt. report about the financing of 9/11 and not once does it mention Cayman Islands although it does mention German and United Arab Emirate bank accounts.


        There is obviously a grudge against us but it goes back a lot further than 9/11 and has everything to do with the fact that we have been hugely successful as an offshore financial centre.   

      • Anonymous says:

         Well, I think all our gangsta wannabes culture came from the USA so how about USA disprove that?

        USA needs to clean it’s own back yard and stop policing everybody else and blaming everybody else.  Like Noriega told them, "if you didn’t have a drug habit, we wouldn’t have anyone to sell drugs to."

        Matter of fact, it was that movie, "The Firm" that gave us this bad reputation.  Maybe, we should get some movies made highlighting how difficult it is to launder money here.  

        I know I got the third degree when I deposited a check from one bank into another bank.

    • Anonymous says:

      don’t be so humble my friend, I think our crooks can compete at the top levels