CIFSA responds to UK inquiry

The Cayman Islands Financial Services Association has prepared a special report in response to a recent UK inquiry into the role of offshore centres.

On 30 April the Treasury Committee of the House of Commons of the United Kingdom Parliament announced an inquiry on the role of Offshore Financial Centres in global financial markets, seeking written submissions for its inquiry by 19 June.

CIFSA’s provided the response as part of its effort to disseminate correct information on the Cayman Islands financial services industry.

‘As a not for profit body which comprises all of the key sectors of the Cayman Islands financial services industry, CIFSA is well placed to provide information to the UK Treasury Committee on the nature and role of offshore centres, with a focus on the Cayman Islands,’ said Eduardo Silva, Chairman of CIFSA.

CIFSA explained that, given the potential importance of the inquiry by the UK Treasury Committee, it took the opportunity to participate when it became aware of the invitation to the public for written evidence.

‘Inaccurate information is one of the issues we have successfully addressed and this unique opportunity to participate at the data collection stage of such an initiative was one that we felt should be taken’ said Bryan Hunter, one of the CIFSA Directors with responsibility for arranging the CIFSA response.

The CIFSA submission addressed a wide range of issues which were all guided by a list of specific questions set out by the UK Treasury Committee in its invitation for information.

Some of the areas covered included information on the anti terrorism regulatory framework of offshore centres, the level of cooperation on taxation matters, and the level of adherence to global regulatory standards, among others.

Mr. Silva thanked Mr. Hunter as well as Paul Byles of Focus Corporate Services & Consulting, the latter being commissioned by CIFSA to draft the special report.

‘CIFSA generally welcomes further research into the role of offshore centres in the global financial markets because it improves understanding of the important role of jurisdictions like the Cayman Islands,’ added Mr. Silva.

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