The Cayman Islands Financial Services Association (CIFSA) is objecting to what it considers as a ‘misrepresentation’ of its standards of regulation within UK’s Overseas Territories in a newly released report by the Public Accounts Committee (PAC) of the House of Commons.

The PAC report suggests the standards of financial regulation in most of the territories are not as good as those in the UK Crown dependencies such as the Isle of Man and Jersey, Tax-News reports.

Eduardo Silva, CIFSA chairman, said CIFSA generally welcomed discussions on offshore centres because it improved the level of information on the important role of jurisdictions like the Cayman Islands.

Silva argued Jersey officially recognised Cayman’s anti money laundering (AML) practices as similar to its own, which meant the Jersey Financial Services Commission’s AML-CFT requirements were satisfied if a client had met Cayman’s customer identification procedures.

Further reading:

UK’s territories open to money laundering

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