April 15, 2009

Cayman’s thriving financial industry is unlikely to suffer from efforts to standardise the global trading system - that’s the perspective from local authorities who nonetheless insist that in a volatile political environment, the Cayman Islands will need to step up its global lobbying efforts.“I think it is very unlikely we shall in the foreseeable future see globally agreed and implemented common standards of regulation and taxation,” says Former Chairman of the Cayman Islands Monetary Authority Tim Ridley.

“After all, the USA and the [European Union] are a long way from achieving this within their own boundaries.”He and other industry professionals believe as pressure grows for standardisation of regulations and the exchange of tax information, onshore jurisdictions will face greater challenges than offshore centres.Both Leader of Government Business Hon. Kurt Tibbetts and Minister responsible for international financial affairs Hon.