Caymanian Media Welcomes Search For Financial Services PR Director

by Carla Johnson, Investors Offshore.com

23 April 2003

The Cayman Net News service announced this week that the jurisdiction's finance community has welcomed government plans to appoint a director of public relations for the financial services industry, arguing that the Islands' perception in the eyes of international investors has taken a bit of a knock in recent times.

Citing the increased international scrutiny of offshore finance centres and the collapse of the recent Euro Bank money laundering trial, the newspaper observed that: 'In an industry dependent on reputation, trust and honesty, it's hard to imagine anyone following the news over the past couple of years feeling very secure in investing their money with Cayman's financial institutions.'

However, it continued:

'Of course, all is not as dire as it seems. Cayman's financial industry still offers investors unique and legal opportunities to expand their wealth. The trick is getting the rest of the world to believe it...The challenge for the Cayman Islands in the coming years is to overcome the spate of negativity with a unified and proactive public relations campaign. The financial industry must be reinvented, particularly from the standpoint of perception.'

The news service also slammed Tim Godber, President of the Cayman Islands Bankers Association for his dismissal of investors' concerns with regard to the jurisdiction's recently strengthened due diligence requirements.

'If Cayman wants to maintain its position as a sophisticated international financial centre, a unified voice needs to emerge that doesn't condescend but educates in a favourable light the benefits of investing here,' it observed.

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