Paul O’Neill and Ted Bravakis Comment:

Main Story:

Effective regulation, expertise, and stability put Cayman ahead

“The Cayman Islands has a long-standing relationship with the United States, including partnering with the United States in a mutual legal assistance treaty effective since 1990 under which we’ve already been cooperating in the hunt for terrorist assets. Since 11 September, co-operation between jurisdictions is more important than ever before, as we work to disrupt terrorist financing. The Cayman Islands is undeniably the most important financial centre in the Caribbean and ranks among the largest and most important financial centres in the world. This tax information exchange agreement we are signing today represents a significant development in the cooperative relationship between the Cayman Islands and the United States. We commend the Cayman Islands for emphatically demonstrating that those who seek to engage in tax evasion or other financial crimes are not welcome within its jurisdiction. It is my sincere hope that, with the signing of this agreement, the Cayman Islands will be recognised as a leading financial centre that is committed to upholding international standards. I hope that the Cayman Islands’ co-operation with the United States in developing this tax information exchange agreement will set a precedent, and that other major financial centres will enter into similar agreements in short order.”

Paul O’Neill
Treasury Secretary of the United States
US Department of the Treasury
27 November 2001

“The Cayman Islands’ approach to the development of the financial services sector recognises that an appropriate regulatory and international co-operation environment is not an impediment to but rather a key driver of, commercial success. Our global financial services industry has significantly evolved during the more than 40 years it has been in existence. We have built on our experiences in recent years to focus on two main objectives: building world-class specialisation in institutional business and developing strong international co-operation arrangements.”

Ted Bravakis
Public Relations Unit
Portfolio of Finance and Economics
Cayman Islands Government