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You are here: Homepage > Press Room > Press Releases 2009 > Cayman Islands Welcomes BOFC Review

Published 29th October 2009, 11:43am

A comprehensive report issued today of the UK’s independent review of British offshore financial centres led by Michael Foot provides useful insights into the significance and contributions of the Cayman Islands and other UK offshore financial centres (OFCs).

“The Cayman Islands has supported several third-party reviews of our financial sector over the years and their outcomes have consistently provided valuable insights for all involved. This most recent review is no different and we welcome the constructive observations and recommendations put forth by the review team,” said Leader of Government Business & Premier Designate, the Honourable McKeeva Bush.

Recognising the significance of OFCs to the UK and international markets, the report cited the Cayman Islands as, “the world’s leading centre for hedge funds and also a significant wholesale banking centre.” It also referenced the UK being the net recipient of funds flowing through OFCs.

Review leader Michael Foot and his team visited the Cayman Islands on 16-17 March 2009 for meetings with a cross-section of public and private sector representatives from the financial services sector. The Cayman Islands Government assisted the review team prior to the visit and provided further assistance for the duration of the review.

 

For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at financepr@gov.ky.