Cayman News Service has reported:
Former Cayman Islands Monetary Authority chairman, Tim Ridley, believes that Cayman's public and private sectors ought to be doing much more to defend Cayman's stance globally, with nothing less than the islands' financial services industry at stake. Ridley says that the recent report by the Tax Justice Network reveals a continuous need for Cayman to keep presenting what he says is the accurate position about the local financial services industry. The former CIMA boss said that although efforts are made, they have been “sporadic” and reactive, not proactive as it needs to be.
“The recent highly subjective and somewhat 'short on substance' secrecy report by the Tax Justice Network underscores how essential it is that Cayman presents the accurate position whenever and wherever possible and to those that matter,” he said.
Although Ridley concedes that the Cayman Islands Government and the private sector do, for the most part, appreciate the importance of defending Cayman's position abroad, he called the actual development and implementation of coherent strategic plans “sporadic” and “reactive rather than proactive.” Both the government and the private sector need to up their respective games, he said, by devoting significantly more time and resources to meet these challenges.
“Those who would bury places like Cayman are in deadly earnest,” Ridley said. “So the very future of the financial services industry in Cayman is at stake."
Tim is right: we're in deadly earnest.
It's nice of him to acknowledge we're also winning.
The TJN report on Cayman is here.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Those with an interest in why certain places are attractive to those (bankers) who would create tax haven islands, the Cayman Islands in particular (and those who just like a good book) should read “Snow Falling on Cedars” by David Guterson.
This is a novel about the human condition, particularly those living on a small island where there is no disappearing into an unidentified background and no adjacent culture to take refuge in.
The very nature of an island environment requires the inhabitants to be cautious — a caution that suffocates initiative, impartiality and freedom of speech. And as Mr Guterson notes “An enemy on an island is an enemy for ever”
The ideal environment for a secrecy jurisdiction where financial shenanigans may go undetected in a culture of fear …
Richard, an issue I don’t understand is the methodology you use in measuring secrecy. What sort of benchmarks do you use to decide this? For instance, it has surprised a few people in the industry – and not just the usual defenders of tax havens – to see Hong Kong in the top five.
As to whether the TJN is winning, who can tell? I think a lot will depend on the shape of the global economy over the next decade.
All the criteria and assessments are comprehensively disclosed at http://www.financialsecrecyindex.com where full ranking data is also provided
Wevare utterly transparent!