Cayman Finance is the best placed organisation to counter the misinformation and ignorance that still exists around the world in relation to what Cayman offers as a financial services domicile.
This is according to Chris Duggan, Cayman Alternative Investment Summit event organiser and vice president of DART Enterprises, who spoke to Cayman Funds Magazine.
He was speaking in the context of comments made in the past week by Ed Miliband, the leader of opposition and the Labour Party in the UK, in which he labelled jurisdictions such as Bermuda and the Cayman Islands as tax havens.
The comments prompted a rebuttal from the Bermuda and Cayman Governments. But Duggan believes Cayman Finance, the organisation formed to represent businesses on the Cayman Islands, is well placed to help counter such information, spearheaded by newly appointed chief executive officer Jude Scott.
“The perception that we are a tax haven is frustrating – people should know better and take the time to look at how well regulated and transparent we are,” Duggan said. “The question is how you can change these perceptions and I think that Cayman Finance is very well positioned to do that.
“I know this issue is at the top of Jude’s list going forward and I think he will help present a united front. That said, I think we all have a role to place on an ongoing basis. Every financial services firm based here also has a duty to advocate Cayman at all times. It will take everyone pulling in the same direction to change things for good.”
He added that the good working relationship between the government and businesses on Cayman also represented one of the island’s strengths. “The two sides will not always agree but it is a good working relationship based on trust and the ability to listen. That is a strength we have here,” he said.
Cayman Finance, Cayman Islands, Chris Duggan, DART Enterprises, Ed Miliband, Jude Scott