Cayman Finance Sector Forms New Promotional Body
by Amanda Banks, Tax-News.com, London
12 December 2003

The Cayman financial sector has formed a new promotional body known as the Cayman Islands Financial Services Association which is charged with the task of communicating the “integrity and quality” of the jurisdiction’s finance sector to the outside world.

The new body has been created at a time when offshore jurisdictions are undergoing unprecedented regulatory scrutiny from international agencies such as the FATF (Financial Action Task Force) and onshore centres. It is hoped that a PR campaign by the new agency will help dispel the growing myths in the international media concerning the world of offshore in general, and the Caymans specifically.

"As we continue to see our financial industry and consequently the jurisdiction portrayed in a negative light by incorrect facts, it is imperative that we counter this portrayal by educating the general public, especially onshore, and the international media, on the high standards of regulation and best practices which this jurisdiction upholds," commented Eric Crutchley, a founding member of the CIFSA’s new board of directors, and a past president of the Bankers Association, according to Cayman Net News.

The new project has received the backing of Niels Heck, President of the Fund Administrators Association, who observed that "additional private sector effort” was needed in order to help the Caymans raise its international profile.

"Most of our key competitors in the financial services industry have already formed similar bodies,” Cayman Net News quoted Mr Heck as observing. He added: “As the competition in offshore financial services increases, a jurisdiction's ability to communicate that it is well run and adheres to international standards, becomes an important differentiator.”

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