An international financial expert says the Cayman Islands could lose its prominent position as a global leader so the finance industry can not afford to drop its guard.
The Cayman Islands is one of the six largest financial centres in the world and Cayman must ensure it’s on top of an ever changing game and threats to its status.
Karen O’Brien said “There’s the never ending battle of regulatory expectations, international scrutiny on our anti-money laundering and financing of terrorism regime and the US scrutiny that’s always being placed on the Cayman Islands.”
She heads up Global Compliance Solutions, a local firm that’s put on a two day conference with the theme –the never ending battle.
“So, it’s always something. It’s a continuous process that we have to keep striving to achieve.”
Experts have been flown in from far and near to focus on anti-money laundering and terrorist financing.
Among them is John Solomon.
“The Caymans has been a leader in terms of compliance and international best practice standards,” he said.
But he says Cayman needs to ensure it doesn’t fall prey to Washington’s actions against regimes like Iran, which it sees as a global threat.
“They are trying to identify the financial tentacles of Iran around the world.”
Cayman 27’s Ben Meade reports.
To view video click on the link below:
http://www.cayman27.com.ky/2011/10/13/keeping-an-eye-on-the-finance-industry