Cayman Finance CEO: ‘Need For Understanding’

April 6, 2016

In the wake of the “Panama Papers” and global attention on international financial centres,  Cayman Finance CEO Jude Scott, said the “need for a clear understanding of the positive role International Financial Centres play in the global economy could not be stronger.”

Mr Scott’s comment follow after the UK’s Labour Party Leader Jeremy Corbyn said the UK should consider imposing “direct rule” over British Overseas Territories if they do not comply with UK tax law.

“Cayman is not a secrecy jurisdiction. We have a clear and strong commitment to transparency,” he said. “The Cayman Islands is a global financial hub that efficiently connects law abiding users and providers of capital and financing around the world – benefitting both developed and developing countries.”

“The Cayman Islands benefits on-shore jurisdictions by enabling them to be competitive in international trade and in facilitating effective inward investment to help grow those economies.”

Mr Scott said the Cayman Islands financial services industry continues to play a leadership role on international regulatory issues and for setting global standards to fight financial crime.

“Financial crime is a serious global problem that requires a unified legal, social and law enforcement response,” he said. “One of the best weapons against illegal activities and tax evasion is effective transparency and cross border cooperation. This is where the Cayman Islands has a proven track record.”

Mr Scott said the Cayman Islands has in place a robust regime for regulation and cross border cooperation which surpassed many of the world’s top international financial centres. He said the jurisdiction is recognised internationally for its efforts in adhering to, and in some cases exceeding, international regulatory standards.

“The Cayman Islands government, its regulator – the Cayman Islands Monetary Authority, and private industry, have worked continuously over many decades with overseas governments and international authorities to ensure Cayman is a premier International Financial Centre and a strong partner in combatting global financial crime.

“For example, Cayman’s current corporate services provider verified beneficial ownership system is world class in providing for due diligence know-your-customer checks and is superior to the UK’s proposed non-verified, self reporting public registers,” Mr Scott said.

“When issues arise, as they do in every jurisdiction, Cayman consistently engages in a proactive and collaborative manner to ensure an appropriate international outcome is reached.”

“With decades of experience in successfully operating a world class International Financial Centre, the Cayman Islands is positioned as a leader in its ability to contribute positively to the design and development of effective cross border cooperation laws and regulations, and as such, it remains ready and willing to assist other International Financial Centres, overseas governments and international authorities.”

“The Cayman Islands was an early introducer of comprehensive and strict anti-money laundering laws and know-your-customer rules and regulations, well ahead of other IFC’s and G20 countries, and continues to lead the way in effective transparency and cross border cooperation.”

Bermuda’s Finance Minister Bob Richards appeared on the UK’s ‘BBC Newsnight’ programme to discuss the suggestion about direct rule by Mr Corbyn, with the Minister pointing out that Bermuda is not mentioned in the ‘Panama Papers’, while the UK is.

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