CIFSA has been actively promoting its revamped public affairs and public relations campaigns for what has been an eventful few months. The most notable result has been the success of the CIFSA campaign to promote the inclusion of Cayman on the OECD White List.
CIFSA Chairman Anthony Travers has been heavily engaged in his role as spokesman for the association. His most recent letters and commentary have been published in The Washington Times, Hedge Fund Journal, and The Nation and he has been quoted extensively in articles by The Economist, Reuters, Dow Jones Newswire, Hedge Fund Manager Week, Global Investor magazine, Worth Magazine and other foreign press. Mr. Travers has also appeared internationally on the BBC World Radio News, Bloomberg and closer to home on Cayman 27. Over the coming weeks the Chairman will be meeting with a series of national Editors in the UK to continue his lobbying efforts in support of Cayman’s financial industry, building on his commentary on industry issues like the EU Alternative Investment Funds Directive. In September, Mr. Travers will be attending the London based FT Global forum, sponsored by CIMA.
“There exists in some quarters still an entrenched mischaracterisation of the Cayman Islands, as a place where certain individuals hide their money from foreign tax officials.”, says Mr. Travers. “The single greatest challenge in my role as Chairman of CIFSA is to expose the fallacy of these misperceptions in the light of the factual record. To that end CIFSA engaged the services of established lobbying & PR firms in Washington and London to assist us in this area. And we have already seen tremendous progress in tearing down the old stereotypes.”
In July, CIFSA hosted the much anticipated visit from Washington lobbyists Quinn Gillespie and Associates. Jack Quinn and Manuel Ortiz of QGA spoke at the CIFSA dinner event and had a series of meetings with senior members the CIG, the Cayman Islands Stock Exchange, and the Cayman Islands Monetary Authority.
In August the CIG formally signed a Tax Information Exchange Agreement with New Zealand, bringing the total bi-lateral TIEAs for the Cayman Islands to twelve. Having reached the required number of TIEAs, as set out by the OECD, the Cayman Islands was subsequently added to the OECD White List.
This is a significant accomplishment for the new government in just a few short months since taking office. CIFSA representatives sit on the government’s Financial Services Council, and regularly attend meetings with CIG on matters that concern the industry. CIFSA is also represented on the newly formed Investment Council which is focused on private sector initiatives to attract business investment to Cayman.
CIFSA fully intends to remain alert and responsive to new challenges that may present themselves and proposes to be proactive in developing relations with foreign governments and media. The truth remains our strongest ally in attempting to dispel myths and cultivate more accurate perceptions of our financial services around the world.
The inclusion of the Cayman Islands on the White List is an important step for the industry but CIFSA does not intend to rest upon that accomplishment. We recognize, and are monitoring, the initiatives that many foreign governments are considering to legislate in a way they hope will increase tax revenues and limit the use of offshore vehicles that legally minimize tax payable. CIFSA proposes to work with CIG to educate policymakers and lawmakers about the positive impact offshore vehicles have on global competitiveness, investment, and employment in developed countries.