“Cayman Finance supports the government’s statement and its position that, after due consideration, it has determined that no change is necessary to Cayman’s already effective beneficial ownership system. Cayman’s system has been in place for years and already fulfills the FATF recommendations on how a country can comply with the global availability of information standard,” he added.

“The changes that were being insisted upon were unreasonable and went far beyond globally accepted practices which would only serve to create unfair and unnecessary disadvantage and damage for Cayman’s financial services industry,” Scott said.

Scott, who was recently appointed CEO of Cayman Finance, said the government and the financial services industry recognize Cayman’s important role in the global financial market. Cayman has consistently evolved and maintained its practices to meet robust, balanced and globally implemented standards for regulation and cross border cooperation that apply equally to G20 countries and all international financial centres.

Cayman Finance is a private-sector membership-based organisation established to promote the Cayman Islands’ financial services industry through public relations, public affairs and marketing initiatives.