One of the priorities of Cayman Finance in 2020 will be working on enhanced messaging and collateral that highlights the important role Cayman plays in global finance, while upholding the highest international standards, the body’s chairman said in a New Year’s message.
Conor O’Dea, chairman, Cayman Finance, said: “In the year ahead, we will be leveraging recent research done on Tax Neutrality to underscore the beneficial role the Cayman Islands Financial Services Industry plays in international finance and the tremendous value provided to economies around the world.
“I am proud of the work undertaken by our team and industry volunteers with the various initiatives and workstreams undertaken in 2019 and stand committed to working with them in the year ahead to ensure the Cayman Islands maintains its position as a leading international financial centre.
“I appreciate the great commitment of our membership and their enormous contribution to the quality of our output to assist the industry. I look forward to us all work together in 2020 and beyond to build on the successes of the past and make 2020 and the new decade another successful one not only for Cayman Finance and our members but also for the wider Cayman Islands for which our industry is the main driver of economic growth. Let us also keep clients at the heart of the work we do as provide a blend of excellence, innovation and balance to ensure the Cayman Islands is unwavering as the premier global tax neutral financial hub.”
He also said in the note that Cayman Finance is excited to not only embrace a new year but also a new decade. “The past year has been a challenging, yet rewarding one, as the organisation elevated its game to promote and protect our industry and jurisdiction. At Cayman Finance, we remain committed to protect, promote, develop and grow the Cayman Islands Financial Services Industry through excellence, innovation and balance,” he wrote.
Looking back on 2019, he highlighted a number of achievements including hosting the 6th Annual Cayman Finance New York Breakfast Briefing and inaugural Cayman Finance New York Reinsurance Roundtable; the culmination of three years’ work with Oxford Economics on Tax Neutrality Research as well as developing the Cayman Islands Tax Neutrality Overview based on in-house research; and producing an updated suite of collateral including booklets highlighting how the Cayman Islands extends value to countries around the world.
He also noted that the body had made submissions to two important OECD global consultations, in which it clearly articulated the benefits of Cayman’s tax neutral status and why this should be preserved in future taxation models. It also coordinated various consultations with industry to provide feedback on legislation and regulation to the Cayman Islands Government and the Cayman Islands Monetary Authority.
Some of his other highlights included participation in a panel discussion at the UK Labour Party Conference; working with the Cayman Islands Government on its remediation response to the recent CFATF Review; participation in events hosted by the US-based Managed Funds Association; creating pathways into the industry for talented young Caymanians through the Cayman Finance Student Education and Work Experience Programme; and engagement meetings with various industry stakeholders in the US, UK, Europe and Brazil.
“Going forward, there will be challenges but we continue to work assiduously to ensure the value the Cayman Islands Financial Services Industry extends to clients and others across the world are well understood,” he said.
Cayman Finance, 2020, issues, priorities