During an appearance on the BBC this month, Cayman Finance CEO Jude Scott highlighted the Cayman Islands’ regulatory and transparency regime.
“We’ve really focused on being a premier jurisdiction modeled after London as well as New York.”
“The reality is not all offshore jurisdictions are made the same. We put a lot of work in, and some cases – for example our anti-money laundering regimes – have been in place for over 15 years,” Mr. Scott said.
“We really look to create a strong compliance culture, and as a result we’re seeing a lot of clients who desire that kind of environment now looking to relocate into the jurisdiction.”
In response to questions by the show’s host Tanya Beckett about the potential impact of the Panama Papers on Cayman, Mr. Scott said, “We’ve always modeled our jurisdiction as a top quality jurisdiction – really following global international standards. With the Panama papers, there was not really much impact on the Cayman Islands – actually we’ve seen a lot of positive outcome from it.”
Mr. Scott added that Cayman is not a haven but a tax neutral jurisdiction that has signed up to all tax transparency initiatives from U.S. and U.K. FATCA to the OECD common reporting standard.
Cayman Finance and other industry stakeholders work hard to ensure that the Cayman Islands’ financial industry is held to the highest standards and that all of those who work within the industry are of the highest caliber, he said.
“As a jurisdiction I guess it has become a part of our DNA,” he said. “We’ve really focused on being a premier jurisdiction modeled after London as well as New York and so we constantly look to seek out the best local and international talent, attract them and also retain them.”