In regards to questions raised over the presence of Bob Roach - who was the primary researcher behind a report (published last year by the US subcommittee on investigations) that severely criticised the Cayman Islands and other offshore jurisdictions for helping wealthy Americans to circumvent US securities, money laundering and tax laws - David Marchant of OffshoreAlert has said the symposium will not overly criticise any one jurisdiction or individual, but rather the goal is to educate the attendees of the conference.

“I consider the Cayman Islands to be a sophisticated offshore financial centre. People embrace quality and are not offended by it, and quality is the offer at the fifth OffshoreAlert Financial Due Diligence Conference,” said Mr Marchant.

“It is worth pointing out that three of the four panellists on this particular panel are senior and well-respected figures in the offshore world, namely Timothy Ridley, the Chairman of the Cayman Islands Monetary Authority; Robert Mathavious, Managing Director of the British Virgin Islands Financial Services Commission; and Rodney Gallagher, a consultant to Caribbean governments and regulatory agencies. I have no doubt they are more than up to the task of defending the offshore world if necessary, and putting the report into its proper perspective.”

He said in the past the OffshoreAlert conferences held controversial sessions about potentially sensitive issues, such as the failed prosecution of Euro Bank and several former officers. He added this panel in particular was exceptionally well attended.

 “It was, perhaps, the most popular and best-received panel at our entire event. I see nothing wrong with tackling sensitive topics as long as it is done fairly and professionally. It is far healthier than sweeping something under the carpet and pretending that it does not exist or never happened,” Mr Marchant said.

He explained the conference would focus on the many issues surrounding financial crime. The conference would help to enhance the position of the Cayman Islands, rather than damage it, by focusing on the work that has been done here to tackle financial irregularities. 

“When OffshoreAlert first began publishing in 1997, many offshore financial centres had little or no regulation,” he noted.

“Between now and then, regulatory regimes have been brought up to internationally acceptable standards. A sound, but not overly burdensome, regulatory regime in Cayman is attractive to untainted foreign capital and should be one of Cayman’s biggest selling points. It is a positive, not a negative, when trying to attract clean business.”

Mr Marchant said there should be no doubt or distrust among honest business people and that proper regulation is a necessary cornerstone of any credible international financial centre, whether it is the United States, the Cayman Islands, or elsewhere.

“The only people I am aware of who dislike proper regulation are those committing illegal acts and, frankly, no one should care what they think.”

He said critics who say the offshore sectors are becoming over regulated miss the point.

“ A more credible argument can be made that major countries like the United States are ‘over regulated’ and this is good news for offshore financial centres, because stifling bureaucracy is one of the principal reasons why offshore financial conferences not only thrive, but even exist,” said Mr Marchant.

“The more hoops that the US requires its taxpayers and business people to jump through, the greater the financial opportunities for ‘bureaucracy-efficient’ countries like Cayman.”

The 5th OffshoreAlert Financial Due Diligence Conference will be held at the InterContinental Hotel, in Miami, on 24-25 April, 2007.

In all, over 40 speakers from the Bahamas, Barbados, Bermuda, British Virgin Islands, Canada, Cayman Islands, St. Kitts & Nevis, United Kingdom, and the US will take part in the conference, representing the public and private sectors.