Mediaboss Marketing

15 May 2012

Cayman Finance has welcomed the results of an independent study which places the Cayman Islands among only two offshore territories which have consistently implemented internationally-accepted standards on identity verification during due diligence processes.

Richard Coles Chairman of Cayman Finance, the promotional agency for the islands' financial services industry, noted that the study, carried out by Professor Jason Sharman of Griffith University in Australia, confirms what Cayman Islands officials and industry have been saying all along: that the Cayman Islands is one of the most diligent jurisdictions in the world when it comes to the fight against money laundering and financing of terrorism.

It is certainly refreshing to see the positive results of an independent study after the investment that the Cayman Islands has made - from both an industry as well as government perspective - in enhancing its regulatory framework over the past 15 years, Coles said.

Coles lamented the fact, however, that awareness of the high standards upheld in the Cayman Islands is unfortunately still lacking across the wider international community which seems to be dominated more by stories which perpetuate the old image of offshore being less regulated.

The study showed that the corporate service providers in the Cayman Islands were top of the table of over 183 countries because they required a full suite of identification documentation. The Isle of Man and the Cayman Islands were the only two jurisdictions that had a perfect compliance record, according to the results of the study.

Read the original here:
Cayman Regulatory Framework Endorsed