Cayman Islands: Cayman Finance Celebrates 10th Anniversary

The concept for the creation of a unified voice of the Cayman Islands financial services industry was first born in 2003, when directors of the Cayman Islands Bankers Association, Eduardo D'Angelo P. Silva, Eric Crutchley, Ben Gillooly and Charles Farrington, first realised the need and formed the Cayman Islands Financial Services Association. Since then it has grown in stature to become an influential leader both locally and internationally. 

Pressure begins

Back in 1998 the OECD published its Harmful Tax Competition paper, launching a fierce and relentless campaign against offshore jurisdictions. This was quickly followed by its issuance of a blacklist of countries the organisation said were non-compliant with OECD tax practices. Through a tremendous amount of hard work behind the scenes by both the public and private sectors, the Cayman Islands managed to avoid appearing on the blacklist; however, notable blacklisted countries included some of Cayman's main market competitors: Jersey, Guernsey, the BVI, the USVI and the Bahamas.

By 2003 the pressure was still unrelenting and the misunderstanding and misconception surrounding the vital work offshore financial centres played in the complicated world of global finance was increasing. Following on from the OECD's stance, tremendous pressure was then placed upon offshore jurisdictions by other entities such as the FATF, the G20 countries, the Global Forum on Transparency and Exchange of Information for Tax Purposes, and the Financial Stability Board.

As a result, directors of the Cayman Islands Bankers Association realised it was important an umbrella organisation, called the Cayman Islands Financial Services Association (CIFSA), be formed that would speak loudly and clearly in strong support of the entire financial services industry, dispelling the myths, cutting through the misconceptions (of which there were many), and standing up for the truth.

Former CIFSA Chairman Eduardo d'Angelo P Silva explains:  "CIFSA was created because the private sector felt the need to have a unified and consistent voice to explain the importance of the Cayman Islands' financial industry to the world and to respond to the negative, biased depiction of offshore centres being disseminated by the mainstream media." 

Media campaign

Thus began the formidable task for CIFSA of lobbying for the Cayman Islands through media campaigns targeting some of the biggest publications in the world, including The Wall Street Journal, The Washington Times, The New York Times, The LA Times and the Times.

In December 2007, the Association launched its successful Business Luncheon series, which brought well-respected journalists to Cayman to allow them to familiarise themselves with how the Cayman Islands financial services industry operated and also to share some of their insight with members. Journalists such as John Fund from the Wall Street Journal and Washington lobbyists Jack Quinn and Manuel Ortiz from the firm Quinn & Gillespie (the lobbyists employed by CIFSA on behalf of Cayman's financial services industry) have spoken to CIFSA members.

In 2009 CIFSA changed its name to Cayman Finance; a move that board member Dan Scott at the time said was "to help reinforce the identity of the industry's main protagonist". At the same time attorney Anthony Travers was appointed as chairman, and from that point onwards, the association became increasingly vociferous in its defence of the jurisdiction, particularly within the international press.

The pressure on offshore financial centres remained constant, with European leaders (including Britain's prime minister) talking loudly about imposing sanctions against what they termed "tax havens" such as the Cayman Islands. The OECD placed the Cayman Islands on its grey list, along with around 30 other countries, because it said the country did not meet specific requirements on the exchange of tax information that it had specifically laid down. If such countries signed at least 12 tax exchange agreements with other countries they would be removed from the grey list and so began an intense period of signing of a number of tax information exchange agreements (TIEA) to comply with these new rules.  During this time Mr. Travers on behalf of Cayman Finance continued to defend the Cayman Islands, stating: "if we have more treaties than any other offshore jurisdiction with OECD countries, there is no doubt in terms of the current concern, we shall prevail."

Later that year Cayman was moved to the OECD's compliant countries white list.

Nevertheless, pressure has still remained constant in recent years, and the need for a defender of Cayman's financial services industry has been just as important in recent years as it was when the association was first formed.

In February 2011 Richard Coles took up the chairmanship of Cayman Finance, continuing to steer the organisation along its path; and in 2013 Gonzalo Jalles undertook the new position within Cayman Finance of Chief Executive Officer.

Looking forward

Since his appointment in January, Mr Jalles has spoken with many local and international publications on a variety of Cayman-related financial service industry topics.  Mr Jalles also recognises the importance of working alongside the public sector to promote Cayman as the domicile of choice for investors.

"Having a strong, united presence by both the public and private sectors of Cayman's financial services industry means we are able to present a fully rounded offering to investors."  stated Jalles.

Cayman Finance joined forces with the Ministry for Financial Services to attend the Brazil Hedge Fund Forum in March and City Week Financial Services Forum in London in April, and both organisations spoke at the Offshore Alert conference in Miami in May.

Following the Government's announcement that it would adopt a Model 1 intergovernmental agreement (IGA) in response to the US Foreign Account Tax Compliance Act (FATCA), Cayman Finance moved quickly to develop a plan for a FATCA seminar – a briefing of particular interest to those who have responsibility for regulation and compliance within their respective organisations.  The seminar will be held on 27 June 2013 at the Westin Resort Grand Cayman.

Over its ten years Cayman Finance has grown to be a formidable voice of the Islands both locally and internationally. It has continued on its mission established back in 2003 to speak with a unified voice on the important role the industry plays within the world economy and to loudly defend the jurisdiction from the misconceptions that have surrounded it.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.