Cayman Finance News

Cayman Has Longstanding Record of Banking Data-Sharing with U.S. Officials

George Town, Grand Cayman; 18 January 2011 – The anti-secrecy website WikiLeaks recently announced plans to reveal the names of more than 2,000 people with accounts in the Cayman Islands, but the U.S. government won’t be gaining any new access to information, according to Cayman Finance.

HEDGE WEEK.  There’s no doubt that the global financial meltdown has resulted in
a fundamentally changed set of financial and regulatory circumstances and a more
hostile political environment. Yet it is perverse that the Cayman Islands have been the
focus of numerous public relations attacks from G20 countries that themselves have
suffered badly at the hands of the global meltdown.

GEORGE TOWN, GRAND CAYMAN; 22 December, 2010:  Claims of Cayman funds re-domiciling to the EU are unsubstantiated.

The Irish fund industry states that they have doubled their registered funds to 7.4%, but these statistics pale in comparison to the Cayman fund industry, which continues to grow by approximately 95 funds per month, according to the Cayman Islands Monetary Authority.  The regulator is reporting a natural attrition rate of de-registrations of approximately 5%, which has been a typical rate over the past several years, indicating stability in the Cayman industry.

Published in the IFC Review November 2010.

The criticism to which the offshore centre is routinely subjected has now reached a crescendo in the wake of the regulatory response to the financial crisis and the hunt by domestic Treasuries for tax revenues to meet the burgeoning deficits of many G20 countries. This then, is a trying time, but do the criticisms amplified by the formidable public relations machines of the EU and US governments withstand scrutiny or are they simply a transparent exercise in blame deflection? Even the briefest analysis does not suggest a level playing field.

1 December 2010
What I am going to talk about this morning is the way in which the macroeconomic changes and the onshore political focus post the financial crisis of 2008/09 have affected and will continue to affect the offshore financial centres and specifically the Cayman Islands. In analysing these issues, I will identify the detractors, separate the truth from the myths perpetrated by the detractors and in doing so analyse which of the criticism of the Cayman Islands is justified and of concern to us and what is not. That in turn will lead me to an analysis of what we therefore need to do to realign our financial services industry to ensure the economic success of the Cayman Islands for the future. There is no doubt that as a result of the global financial meltdown we are facing a fundamentally changed set of financial and regulatory circumstances and a more hostile political environment. Although I agree with the Premier that the Keynesian economic solution (that is high government public sector and infrastructure spending) is not the way forward for Cayman, Keynes did rightly say "When circumstances change I change my mind: what do you do?”