A progress report on the UK’s independent review of offshore financial centres led by Michael Foot has recognized several initiatives of the Cayman Islands and other British OFCs and notes their contributions to the UK’s economy.
“The Cayman Islands welcomes this progress report and its observations relating to the importance of the Cayman Islands financial services industry, our commitment to upholding international standards and the interdependent relationship between the financial services sectors of the Cayman Islands and the UK,” said Leader of Government Business, Kurt Tibbetts in a statement, adding: “We look forward to working with Foot and his team to support the completion of this review, expected before the end of 2009.”
The report summarizes the economic contributions of the Cayman Islands financial services industry, attributing 36% of the country’s gross domestic product and 21% of total employment to the sector. It also recognized the favorable reviews that the Cayman Islands have received from the International Monetary Fund and the [Caribbean] Financial Action Task Force.
Review leader Michael Foot and his team visited the Cayman Islands on March 16-17, 2009, for meetings with a cross-section of public and private sector representatives from the financial services sector. The Cayman Islands Government assisted the review team prior to the visit and will continue to provide assistance for the duration of the review.
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