Most Read Contributor in Cayman Islands, September 2016
Following representations from the Cayman Islands Government,
the Financial Conduct Authority, which regulates the UK's
financial services industry, has confirmed that its list of
'High Risk Countries' has been removed from its website and
that it does not plan to publish such a list in the future.
It also has committed to a full review of the methodology that
resulted in the Cayman Islands being placed on the list.
'Government has been in continuing correspondence with the
FCA regarding the list since our first letter of 8 July, and we
recently sent correspondence to the UK Treasury, and the Foreign
and Commonwealth Office, on this matter as well,' Minister of
Financial Services Wayne Panton said.
While recognising the FCA's actions, he said that questions
regarding the FCA's methodology remain salient.
'Our industry regulator, the Cayman Islands Monetary
Authority, will continue the dialogue with FCA officials to ensure
they are accurately informed about our regime', Minister Panton
said. In addition it is proposed that the Premier, the Hon. Alden
McLaughlin, lead a small delegation, including Minister Panton, to
the UK shortly to further discuss the circumstances around this
issue with the FCO and other UK Government departments.
Highlighting one of the reasons why Cayman's inclusion on
the previously published list is highly questionable, Minister
Panton pointed to the fact that Cayman and the UK rated equally in
the OECD's 2013 Global Forum on Transparency and Exchange of
Information for Tax Purposes rankings; in the Global Forum's
assessment, Cayman's rating was higher than most of the G8
'The third-party data and assessments on Cayman's regime
speak impartially and unambiguously regarding the strengths of our
system', Minister Panton said.
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