September 10, 2009

Financial experts have warned that the recently adjourned meeting of the Organisation for Economic Cooperation and Development (OECD) may result in greater burdens on the Cayman government and financial sector.While recognising Cayman’s accession to the white list of internationally compliant financial jurisdictions at its 1-2 September gathering in Mexico City, the OECD called for further oversight of the financial industry via a “peer review” of ongoing compliance, suggesting local management would have to be expanded.

“The peer-review process should not in theory be a major issue for Cayman,” said former Chairman of the Cayman Islands Monetary Authority and local financial expert Tim Ridley, noting Cayman had in the past managed similar agreements with the US, but “it will yet again impose additional administrative burdens and costs on the Cayman Islands private sector and the government.”