Cayman Finance is delighted to announce the signing of a new Memorandum of Understanding with the Cayman Islands Government, which serves to enhance the already close working relationship that Cayman’s financial services industry has with Government.
Taking place at a recent Cayman Finance Members briefing event, the signing of this new MoU marks another milestone for Cayman’s financial services industry and was the highlight of an important meeting which also provided an update for members on the Anti-Corruption Summit held in London and hosted by British Prime Minister David Cameron, which was attended by the Premier, the Hon. Alden McLaughlin; and the Minister of Financial Services, Wayne Panton.
Also central to the briefing was an update on London media and industry activities that were attended by Cayman Finance CEO Jude Scott and members of Government’s delegation, including minister Panton, during the same week as the summit.
The first MoU between Cayman Finance and the Ministry was signed in 2013, and at that time, both parties underscored the importance of implementing such an agreement and the benefits that would be derived from it. At the first signing, Minister Panton said that it was important for industry and Government to “speak with one voice.” Furthering that point with this latest signing, Minister Panton said:
“Our signing of the new MoU with Cayman Finance is significant because it marks the importance we all place on the private and public sectors working together to enhance, support and protect the industry. It speaks volumes about the unity with which we approach the issues facing our industry today.”
Mr Scott confirmed this perspective, stating: “The new Memorandum of Understanding between Cayman Finance and the Cayman Islands Government has been developed to further strengthen our already close working relationship. It augments Government’s support for Cayman Finance and enhances the relationship with regard to the joint marketing of the jurisdiction, facilitating industry consultations and tackling international initiatives. The MoU also provides the Ministry with a seat on the Cayman Finance Board.”
During the briefing event, Cayman Finance Members were provided updates on the crucial topic of Cayman’s Beneficial Ownership regime. Attendees were also given the opportunity for direct dialogue during a Q&A session, during which time members could ask questions directly to Mr Scott and Mr Panton.