Baroness Symons Parliamentary Under-Secretary of State for the Foreign Office with responsibility for Overseas Territories, speaking at a dinner hosted by the Financial Secretary of the Cayman Islands, congratulated the Cayman Islands on its achievements in developing its finance centre.
She praised the Cayman Islands for its role as a leading jurisdiction, saying:
"A significant number of our Overseas Territories have successfully developed their offshore financial sectors. The Cayman Islands is no exception, and indeed can be considered at the forefront. You have a sophisticated offshore sector which is one of the largest financial centres in the world."
She also spoke of the evolving nature of financial services and its regulation, stressing that Cayman, as the first territory to introduce all crimes money laundering legislation, has continues to develop its financial regulation as seen in its recent removal of the fiscal exemption clause from its Proceeds of Criminal Conduct Law.
The Hon George McCarthy, Financial Secretary for the Cayman Islands, welcoming Baroness Symons to the Cayman Islands said:
"We are delighted with the support that Baroness Symons is giving us and we are looking forward to working in partnership with the UK in matters of international finance to ensure that the Cayman Islands continues to maintain its status as a premier financial jurisdiction."
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