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The Banker Heaps High Praise On Cayman Financial Sector

by Amanda Banks, Tax-News.com, London

22 August 2006


Leading finance industry publication The Banker has given a ringing endorsement to the Cayman Islands as an international financial centre, and outlined an upbeat assessment of the jurisdiction's outlook across a range of sectors.

A special report on the Cayman Islands in the July issue of the magazine singled out Cayman's strengths in hedge funds for particular praise, describing the Caymans as the "undisputed jurisdiction of choice" as a hedge fund domicile. However, the publication also stated that the Caymans were a leading location for financial services across the spectrum, including captive insurance, structured finance special purpose vehicles, banking, trust and corporate services sectors. The developments and growth at the Cayman Islands Stock Exchange were also recognised.

The report also discussed how Cayman has strengthened regulations to deter criminal activity and improved overall supervision, as well as winning praise for the measures it has undertaken to meet and go beyond international standards.

"As such a respected publication, The Banker's special report on the Cayman Islands is particularly welcome," commented David Roberts, a director of the Cayman Islands Financial Services Association (CIFSA), the body dedicated to the promotion the jurisdiction's financial services sector.

"It details our leadership in a number of different sectors and demonstrates just how well regarded the overall financial services industry is in Cayman," he added.

The report went on to predict that the critical mass that Cayman has developed, both in terms of business and in professional services, will ensure that the jurisdiction is able to prosper in spite of competition both from both the offshore and the onshore world.

The article also praised the flexibility of the legal and regulatory framework and the open and regular dialogue between the government and the private sector.

"The flexibility and dialogue have both helped shape the legislation which brought the business to Cayman and with close links to the US and a stable environment to operate, Cayman has flourished and will continue to do so," observed Simon Whicker, a KPMG partner and CIFSA member.


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