Financial transparency and compliance in the Caymans
Cayman Finance Chief Executive Officer, Jude Scott, has highlighted the Cayman Islands’ dedication to upholding the standards and expectations of a premier financial jurisdiction through transparency and a strong compliance culture, during a recent interview with the BBC.
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,” 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.”
We’ve always modelled our jurisdiction as a top quality jurisdiction – really following global international standards,” he said. “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.”
“We’re not a tax haven,” Scott stated. “We’re a transparent jurisdiction and we’re a tax neutral jurisdiction.”
“From a tax perspective we have signed up to UK FATCA and US FATCA. We have been one of the early adopters of Common Reporting Standards – and really the vast majority of the business we do is fully transparent,” he said.
Scott also said that Cayman Finance, the private sector organisation that represents the Cayman Islands’ financial services sector, 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 calibre.
As a jurisdiction I guess it has become a part of our DNA,” he said. “We’ve really focused on being a premier jurisdiction modelled 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.”