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Cayman Gov't, Finance Sector To Face Challenges Together

by Mike Godfrey, Lowtax.net, Washington
01 June, 2016

The Cayman Islands' financial services industry is to strengthen its working relationship with the Government following the signing of a memorandum of understanding.

The memorandum was signed by Cayman Finance, on behalf of the Caymans' financial services industry, and the Cayman Islands' Government at a Cayman Finance members briefing event.

The memorandum is the second of its kind. The first memorandum of understanding between Cayman Finance, the island's inward investment agency, and the territory's Government was signed in 2013. At the first signing, Minister of Financial Services, Wayne Panton, said that it was important for industry and Government to "speak with one voice."

Furthering that point with this latest signing, Panton said: "Our signing of the new MoU with Cayman Finance is significant because it marks the importance we all place on the private and public sectors working together to enhance, support, and protect the industry. It speaks volumes about the unity with which we approach the issues facing our industry today."

Cayman Finance CEO Jude Scott confirmed this perspective, stating: "The new Memorandum of Understanding between Cayman Finance and the Cayman Islands Government has been developed to further strengthen our already close working relationship. It augments Government's support for Cayman Finance and enhances the relationship with regard to the joint marketing of the jurisdiction, facilitating industry consultations and tackling international initiatives. The MoU also provides the Ministry with a seat on the Cayman Finance Board."

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