CIG and Cayman Finance sign another deal

| 01/06/2016 | 2 Comments
CNS Business

Financial Services Minister Wayne Panton and Cayman Finance CEO Jude Scott

(CNS Business): The offshore industry body, Cayman Finance, has signed a new memorandum of understanding with the Cayman Islands Government to further cement their improved working relationship. When the first MOU between Cayman Finance and the financial services ministry was signed in 2013, both parties said benefits for the sector would be derived from implementing the agreement. Financial Services Minister Wayne Panton said at the time that industry and government needed to speak with one voice — and recent events have illustrated how important that now is.

Signing the latest deal, Panton said the new MOU was significant because of the importance now placed on the private and public sectors working together to enhance, support and protect the industry.

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

Cayman Finance CEO Jude Scott, who accompanied the Cayman government delegation to the recent anti-corruption summit in London and helped do the rounds of the media to deliver Cayman’s message, said the MOU would further strengthen the close working relationship.

“It 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 MOU also provides the ministry with a seat on the Cayman Finance Board,” he added.

The deal was signed at a recent briefing event for Cayman Finance members, which included an update on the London summit and the media events. Cayman Finance members were also provided with updates on the crucial topic of Cayman’s beneficial ownership regime, followed by a Q&A session with Scott and Panton.

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Category: Finance, Financial Services

Comments (2)

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  1. Anonymous says:

    I’m not so concerned about the AG reviewing it, but I’m more concerned about positions and entitites having grandfathered positions/roles in Cayman.

    Frankly speaking when you look at the events over the last few months/year with various scandals on the financial image of the Island, in my humble opinion Cayman Finanace’s reaaction was nothing short of incompetence – knee jerk reactions. I’m yet to see an occassion that the organisation has been proactive in. So many examples and they’ve fell short. Fifa, the bbc interview, Panama papers, and the list goes on. I’m not saying they have not responded but it’s the quality of response and time taken to do so.

    That said instead of consistently renewing inefficient agencies, why isn’t the government not engaging with persons such as the Learned Anthony Travers as one example? He has consistently spoken up on behalf of the country’s financial sector / image in a proactive way. I just think we need to stop renewing associates contract and examine whether it’s really working first!

  2. Just Askin' says:

    Did the Auditor General review it?

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