Cayman Finance, government sign new agreement

Minister for Financial Services Wayne Panton and Cayman Finance CEO Jude Scott signed a new memorandum of understanding.

Cayman Finance has signed a new Memorandum of Understanding with the Cayman Islands government “to enhance the already close working relationship that Cayman’s financial services industry has with government,” Cayman Finance said in a statement.

The first MoU between Cayman Finance and the Ministry was signed in 2013. The parties signed the new agreement at a Cayman Finance members’ briefing, which also provided an update for members on the Anti-Corruption Summit in London last month and the media and industry activities carried out there by Cayman Finance CEO Jude Scott.

“Our signing of the new MoU with Cayman Finance is significant because it marks the importance we all place on the private and public sectors working together to enhance, support and protect the industry,” said Minister for Financial Services Wayne Panton.

“It speaks volumes about the unity with which we approach the issues facing our industry today.”

Mr. Scott agreed, stating that the new agreement “augments government’s support for Cayman Finance and enhances the relationship with regard to the joint marketing of the jurisdiction, facilitating industry consultations and tackling international initiatives.”

The memorandum of understanding also provides the ministry with a seat on the Cayman Finance board, Mr. Scott noted. During the briefing, Cayman Finance members were provided updates on Cayman’s beneficial ownership regime in the wake of the summit.