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Published 21st April 2009, 10:42am

George Town, Grand Cayman – A progress report issued today of the UK’s independent review of offshore financial centres led by Michael Foot recognises several initiatives of the Cayman Islands and other British OFCs and notes their contributions to the UK’s economy.

"The Cayman Islands welcomes this progress report and its observations relating to the importance of the Cayman Islands financial services industry, our commitment to upholding international standards and the interdependent relationship between the financial services sectors of the Cayman Islands and the UK,” said Leader of Government Business, the Honourable Kurt Tibbetts. “We look forward to working with Mr Foot and his team to support the completion of this review, expected before the end of 2009."

The report summarises the economic contributions of the Cayman Islands financial services industry, attributing 36 per cent of the country’s gross domestic product and 21 per cent of total employment to the sector. It also recognised the favourable reviews that the Cayman Islands have received from the International Monetary Fund and the [Caribbean] Financial Action Task Force.

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 will continue to provide 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.