Cayman Finance CEO Jude Scott has completed a two-week visit to Europe to promote the Cayman Islands financial services industry and its role in Europe, the United Kingdom and the global financial economy.
Mr. Scott’s visit coincided with the Joint Ministerial Council meetings held in London, as well as an EU debate about a potential new tax blacklist.
“The Cayman Islands has an excellent story to tell,” Mr. Scott said. “It’s important we remind key stakeholders of our essential role as a premier global financial hub efficiently connecting law abiding users and providers of investment capital and financing around the world – benefiting developed and developing countries. Government, industry and media stakeholders in Europe play critical roles in creating the rules and perceptions that impact our industry and jurisdiction.
“Cayman Finance organized this trip to help them further understand how we facilitate international trade and investment while adhering to the highest international good governance standards.”
The Cayman Finance CEO met with various representatives of the U.K. government to discuss the role the Cayman Islands financial services industry plays in extending value to the U.K. economy following the country’s vote to leave the European Union.
He highlighted that the Cayman Islands is well positioned to provide liquidity and inward investment into the U.K. to support its economy through the Brexit process.
The meetings also focused on how Cayman Finance and the Cayman Islands government work cooperatively to develop innovative and effectively regulated new products and services that benefit developed and developing countries, Cayman Finance said in a press release.
The trip included meetings with industry advocacy groups such as the British Bankers Association, the IFC Forum, a lobbying group of offshore law firms, and the Alternative Investment Management Association. In addition, Cayman Finance hosted an industry breakfast briefing attended by Cayman Islands Minister of Financial Services Wayne Panton and London-based representatives of Cayman’s financial services industry.
“By working with allied organizations in key centers like London and Milan, we can expand the reach of our industry to positively shape the opinions, laws and regulations that impact our jurisdiction,” Mr. Scott said. “We have strong relationships with industry leaders in London and are constantly working to expand that network in the U.K. and across Europe.
“Our successful visit to Milan included visits with lawyers working in the financial services industry, as well as key Italian financial services media.”
Mr. Scott participated in media interviews covering three major markets – London, Milan and Brussels – including the Wall Street Journal, the Financial Times and an appearance on BBC World’s “Business Edition.”
“For too long we have allowed inaccurate perceptions about the Cayman Islands among international media outlets to define us in ways that fail to account for our role as a transparent jurisdiction and a leader in implementing good governance global standards,” Mr. Scott said.
“Cayman Finance is engaging with leading international media outlets directly to ensure coverage reflects a more accurate view of our jurisdiction, including Cayman’s recent inclusion on the Italian ‘white list’ for financial services.”
He said the organization is proud of the role the Cayman Islands financial services industry plays in making a significant contribution to the global economy as well as domestically. “This trip was a continuation of our efforts to tell the positive story of that role to key influencers around the world,” he added.