19 June 2013 • (George Town, Grand Cayman) Cayman Finance today praised the Government delegation, led by Premier Alden McLaughlin and Minister for Financial Services Wayne Panton, for its handling of the recent trip to the UK, which involved discussions on multilateral administrative assistance on tax matters.

Mr Gonzalo Jalles, CEO of Cayman Finance, commended the officials for the open approach taken towards the various multilateral initiatives and the local financial services industry.

“I am encouraged by Cayman’s renewed commitment to adopt global standards, including the recent framework that has already been signed by over 30 countries. Cayman simply cannot afford to be outsiders.  I also applaud the Government for producing a plan that requires careful evaluation of current regulations and alternatives, assessed against international standards and the commitments of other nations, before proposing specific changes in Cayman,” Mr Jalles said.

Cayman Finance welcomes, in particular, the continued, close-working relationship between the Government and the private sector.

“I’m encouraged by the openness with which officials have engaged the industry through Cayman Finance in discussing key issues, ensuring we arrive at the best overall solutions for Cayman,” Mr Jalles said.

Mr Jalles noted the Premier’s recent comments thanking Cayman’s financial industry for its cooperation, highlighting Cayman Finance’s pivotal role in coordinating this relationship.

Mr Jalles said Cayman Finance represented a significant number of private entities operating in Cayman’s financial services sector that have committed time and resources in promoting and defending the wider Cayman industry both locally and abroad.

“We understand the importance of different associations representing the interests of particular industry groups, but we recognise the Cayman Government needs to engage with a group that exemplifies the Cayman Island’s financial services industry from a wider perspective,” he said.   “We therefore welcome Government’s willingness to work with Cayman Finance, and I encourage all businesses operating in Cayman to consider Cayman Finance membership.”