Cayman Islands Winter Break Program Courses
(Dec. 27, 2015 - Dec. 30, 2015)
Foreign Entity Reporting Requirements (1 credit)
Instructor: Charles Liberis
An overview of regulatory requirements affecting US residents banking, investing, and forming international business corporations in the Cayman Islands and other offshore jurisdictions including
• Reporting & registration requirements under the Foreign Account Tax Compliance Act (FATCA);
• Filing a Report of Foreign Bank and Financial Accounts with Department of Treasury (FBAR 2013) (FINCEN Form 114) and penalties for failure to file;
• IRS form 8938 requirements for US taxpayers and penalty failure to file;
• Registration and Reporting Requirements by Foreign Financial Institutions;
• The Money Laundering Control Act;
• Racketeer Influenced and Corrupt Organizations Act (RICO); and
• Assisting US Taxpayers to defraud the IRS Tax Crimes Code Sec 7206(4); 18USC Sect 2(a0 7 2(b).
Climate Change Law and the Future of Small Island States (1 credit)
Instructor: Michael Burger
Climate change poses an extraordinary set of risks and challenges to small island nations, in the Caribbean and all around the world. Rising sea levels, warming temperatures, increasingly frequent and severe storms, and ocean acidification threaten locally dominant economies, including tourism, fisheries, and agriculture. Some low-lying islands will disappear altogether. This short course will address domestic and international law’s responses to these problems, with a special emphasis on the Caribbean region. After reviewing the nature and scope of projected climate change impacts on small island states we will focus on a few core legal issues. Topics covered may include liability for loss and damage; climate displacement and the problem of human migration; sovereignty claims of disappearing states; land use adaptation; marine species preservation; and/or fisheries management.
(Jan. 2-5, 2016)
Comparative Choice of Law Rules in Tort: EU Rules v English Common Law Rules (1 credit)
Instructor: Mitchell Davies
The course will examine the rules used in the choice of law process to assign the governing law to a tort which possesses foreign elements. It will open with a consideration of the rules as developed by the English common law (the “double actionability” rule) as applied in the Cayman Islands and will then compare and contrast those rules with the rules developed and applied in the EU by EU member states pursuant to the provisions of the Rome II Regulation (Regulation (EC) No 264/2007).
The course will approach the examination of each set of rules from the perspective of forming a view as to whether the common law or EU rules better meet the objective of producing certainty in this interesting and intriguing area of law.
Anti-Money Laundering (1 credit)
Instructor: Carla L. Boles
Money laundering is a global concern and authorities of many nations have implemented regulations and oversight of their financial centers to stop money laundering by drug traffickers and terrorist financing. This course will explore the continuing fight against money laundering, both in the United States and in the Cayman Islands. We will follow the development of Anti-Money Laundering (AML) legislation in the United States and in the Caymans, review several pivotal cases, investigate and evaluate the ways banking institutions protect against money laundering and terrorist financing, and discuss the role of the Financial Crimes Enforcement Network (FinCEN) and the Cayman Islands Monetary Authority (CIMA) in prevention, detection, and prosecution of money laundering.