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.
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