Cayman Islands Investment Bureau Increases Compliance Expertise

by Amanda Banks, Tax-News.com, London

18 September 2006

The Cayman Islands Investment Bureau (CIIB) has reinforced its domestic compliance regimen for advising foreign investors seeking to do business in Cayman, the bureau announced last week.

The specialised expertise comes through CIIB Investment Services Administrator, Shannon McKenzie, who recently earned a Diploma in Compliance from the University of Manchester Business School.

As a result of the year-long programme, administered through the Cayman Islands Compliance Association, McKenzie now becomes a member of the International Compliance Association (ICA), and as a result, the CIIB is eligible for corporate membership.

Ms McKenzie commented that: "The corporate membership will give the Bureau greater recognition for the high standards to which it adheres. It will also demonstrate government's commitment to the role of compliance."

CIIB Executive Director, Dax Basdeo, noted that with the growing demand for compliance professionals globally, the Diploma in Compliance is becoming an essential requirement for full service economic development agencies such as the CIIB.

"Being responsible for all foreign enquiries relating to business start-up and investments, Ms McKenzie is in contact with clients worldwide," Dr. Basdeo observed.

"With her new qualification as a Compliance Professional, she has the added expertise to ensure that Know Your Customer (KYC) procedures are effectively carried out," he added.

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