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Cayman Islands Welcomes Recognition In OFC Review,
by Phillip Morton, Investors Offshore.com
Wednesday, April 22, 2009
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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