Eduardo D’ Angelo P. Silva, Director of the Cayman Islands Financial Services Association addressed delegates at an international conference informing them that the Cayman Islands financial services sector had performed well and being compliant, had not suffered as a result of the international regulations, which had been introduced.
Mr. Silva was speaking at the 4th Offshore Alert Due Diligence Conference held in Miami earlier this month.
His participation on a panel discussion focused on how supranational bodies such as the FATF, OECD, IMF and IOSCO over recent years have impacted the business of offshore financial centres and what types of business remain viable and acceptable to the industry, states a press release.
In his presentation Mr. Silva showed how the Cayman Islands’ financial sector had performed since 1998 – since that year marked the beginning of the wave of several regulatory undertakings.
He acknowledged that although Cayman, like all recognised financial centres, was affected by such policies as the EU Savings Tax Directive, the FATF anti-money laundering and IOSCO principles, for example, the jurisdiction continued to experience significant growth in its financial services industry because the culture of compliance was already in place before these initiatives became global requirements.
‘The Cayman Islands has seen tremendous growth despite the various international regulatory initiatives. This is proof not only of the legitimacy of the business which the jurisdiction attracts, but it also a testament to the integrity of Cayman and the quality of the services on offer,’ Mr. Silva said.
He highlighted the phenomenal growth within the hedge funds sector and the area of captive insurance business. He also noted that whilst the total number of banks had reduced as a result of consolidation, new banks had been registered and overall the banking industry was still performing very well.
‘The key point to note regarding banking, is that the assets of the Cayman Islands’ banking sector has continued to grow at an impressive rate,’ Mr. Silva said.
Mr. Silva also made a case for the state of the Cayman Islands’ private banking business and gave comfort to potential clients of that sector.
‘In reality the Cayman Islands has in place the legislation, systems and procedures to provide clients with the confidentiality they would expect in any other top financial centre,’ he said.
‘Private banking business is very much alive in the Cayman Islands and with the highest level of professionals available, Cayman can offer clients the ‘complete package’ of services,’ he added.
Mr. Silva explained that the goal of CIFSA was to provide information to the public and media primarily via its website on developments within the Cayman Islands’ financial services sector.
For more on the 4th Offshore Alert Due Diligence Conference see January’s edition of the Journal.
The Cayman Islands Financial Services Association was formed in November 2003. It comprises individual companies and key associations including: the Cayman Islands Society of Professional Accountants , the Cayman Islands Compliance Association, the Society of Trust and Estate Practitioners, the Fund Administrators Association, the Company Managers Association, the Bankers Association and the Insurance Managers Association, Deloitte, Scotia Bank & Trust, PricewaterhouseCoopers, Cayman National Bank, HSBC, Walkers Attorneys-at-Law, CIBC and Ogier.
The Association’s mission is to communicate the integrity and quality of Cayman Islands financial services.