If the Cayman financial industry were faced with extinction or only the potential of a diminished role, we would not bother providing you with the third edition of the Cayman Financial Review, which you are now reading. Cayman can continue to grow as a financial centre, provided both the new government and the financial industry do more to protect it from the financial imperialism of foreign governments, and provided the private sector – with the support of government – develops new products and continues to improve existing financial services.
Indeed,Cayman’s tax haven status and confidentiality law were seen by many as critical to the continuing success of the financial industry. Some saw nothing wrong with Cayman’s way of doing business and staunchly defended it.
Based in the Cayman Islands; providing full business and personal banking services, trust and corporate services, fund administration, wealth management, and insurance brokerage from its headquarters in the Cayman Islands and from Isle of Man and with representative offices in Dubai and Panama.
We are in probably the most turbulent times the offshore financial industry has ever seen. Almost daily, new events come to light and new initiatives are unveiled. The pen is no sooner dry, than the commentary is out of date, so I apologise if that is the case here. I hope not, as I have tried to look over the horizon.
Buoyed by the passage of investment-friendly legislation, infrastructure improvements and the political instability of one of its largest offshore competitors – the Bahamas – Cayman suddenly found itself on the map of more than just scuba divers. Following the bold steps taken in the 1960s to make Cayman more attractive as an offshore financial centre, the government continued to act; sometimes in cooperation with the British government.
The Cayman Islands’ approach to the development of the financial services sector recognises that an appropriate regulatory and international cooperation environment is not an impediment to, but rather a key driver of, commercial success. Unfortunately, the focus of the global economic crisis has resulted in various initiatives driven by larger, more politically powerful countries, including legislative proposals before the US Congress targeting the use of offshore financial centres by US firms...
Canada has long had laws prohibiting public corruption within its borders and more recently has enacted legislation respecting corruption of foreign officials. This paper outlines and discusses Canadian approaches to international public corruption by considering Canadian adherence to international conventions, Canadian law per se and ...