Up Front
Financial regulations conferenceto be presented
Chartered accountants Deloitte & Toucheand the legal firm Maples and Calder will be co-hosting a two-dayconference beginning Monday, November 20, at the Westin CasuarinaResort.
The conference is being organised by International ProfessionalConferences based in London and will feature expert presenters,from onshore and offshore, who will be explaining the coming changes,threats and opportunities that are currently facing all thoseinvolved in financial services in the Cayman Islands and elsewhere.
Offshore financial services are a growing and significant partof the global financial system. However, a number of internationalbodies - including the UN, G7, OECD, FATF and FSF - have beenrecently voicing their concern about the vulnerability of offshorejurisdictions, and thereby the global economy, from their usefor the purpose of money-laundering, tax evasion or evading appropriatefinancial regulations.
The publication of the report 'Review of Financial Regulationin the Caribbean Overseas Territories and Bermuda', seeks to ascertain,review, assess and evaluate all aspects of financial regulation,law, supervision and enforcement in the Overseas Territories acrossbanking, insurance, securities and corporate management and trustsectors.
One of the effects the ongoing international review is havingis that those who use, or are based in, offshore financial centresare reassessing their role in the new global economy, with offshorefinancial service-providers having to adapt to a rapidly-changinglegal and regulatory environment and international market place.
All of those involved in this conference recognise the importanceof this report, and also the other ongoing international initiatives,to the future of the financial industry in Cayman, and Deloitte&Touche is pleased to be associated with the upcoming conferenceand promoting constructive debate on the issues.
The keynote address on November 20 will be from the Governor ofthe Cayman Islands, His Excellency Mr. Peter Smith. On the followingday, Tuesday, November 21, it will be from the Financial Secretary,The Honourable George McCarthy OBE JP.
The event will be co-chaired by Mr. Ian Wight, Managing Partnerof Deloitte & Touche, and Mr. Ian Lambert, Partner at Maplesand Calder.
One of the main speakers will be Mr. Richard Small, AssistantDirector - Board of Governors of the Federal Reserve System (USA),who did a series of local presentations last year on the issue'Know your Customer'.
Deloitte & Touche will also be introducing Ms. Emma Codd,Head of Business Intelligence Services at the U.K. office, asthey launch this service line on the island.
D&T is said to be looking forward to continuing to be of serviceto the world's leading institutional and individual investorsand entrepreneurs who utilise clean and well-regulated jurisdictions,such as Cayman, for their legitimate financial planning, and therebyassist the Cayman Islands to remain a formidable competitor inthe global market for financial services.