The Cayman Islands has been recognised for its ‘robust and transparent’ legal and regulatory regime in the Organisation for Economic Co-operation and Development’s (OECD) latest global forum peer review report.
The global peer review report was established by the OECD in 2000 as a multilateral framework that investigates transparency and exchange of information of both OECD and non-OECD countries.
The report commends the Cayman Island’s financial industry for its clear and efficient system for releasing information and noted the quality of its cooperation and speedy responses to exchange of information requests.
It also noted that Cayman’s exchange of information process is well organised, well resourced and adequately staffed with knowledgeable personnel.
Rob Leadbetter, chairman of the Insurance Managers Association of Cayman, said: “Cayman has a solid legal and regulatory framework that is based on a platform of tax transparency and the provision of a stable and responsive business environment.”
“I can only hope that the commendations in this report will be heard far and wide and people will start to understand that Cayman is a successful international financial centre because of this high level of compliance and infrastructure.”
