UK Parliament praises Cayman Financial Services Regulation
High praise has been received by the Cayman Islands from the Foreign Affairs Committee (FAC) of the United Kingdom’s Parliament – it was praised for its financial sector legal and regulatory regime.
The commendation was given to Kurt Tibbetts, Cayman Leader of Government, in London on December 3, when he and BVI Premier Ralph O’Neal gave the Foreign Affairs Committee oral testimony before regarding the Overseas Territories’ relationship with the Foreign and Commonwealth Office (FCO) .
The FAC comprises a 14-member panel of backbench UK Members of Parliament, chaired by Labour MP Mike Gapes. In June, the committee announced an inquiry into the FCO’s exercise of its responsibilities and its achievements in relation to the Overseas Territories, and scheduled meetings with heads of these territories for yesterday.
To explain why the regulations of the financial industries like the Cayman Islands and the BVI were superior to others in the region, Tibbetts said that the financial industry in the Cayman Islands has a culture of compliance supported by legislation. He also said that Cayman has an environment that accords with international best practice and encourages business to be done in the jurisdiction.
Tibbetts also listed many supporting features for the financial services industry that make the jurisdiction attractive. These are an independent regulatory body in the Cayman Islands Monetary Authority (CIMA), a strong legal judicial framework, independent of the executive arm of government and good international air links.