Cayman Finance today welcomed the results of an independent study on due diligence across offshore centres which places the Cayman Islands as one of only two countries to request internationally accepted standards for identity documentation in the due diligence process.

Mr. Richard Coles Chairman of Cayman Finance, says that the study carried out by Professor Jason Sharman of Griffith University in Australia confirms what Cayman Islands officials and industry have been saying all along; that the Cayman Islands is one of the most diligent jurisdictions in the world when it comes to the fight against money laundering and financing of terrorism.

“It was certainly refreshing to see the positive results of an independent study after the many years and investment that the Cayman Islands has made from both an industry as well as government perspective in enhancing its regulatory framework over the past 15 years”, said Mr Coles.

Mr. Coles lamented the fact that awareness of the high standards upheld in the Cayman Islands is unfortunately still lacking across the wider international community which seems to be dominated more by stories which perpetuate the old image that all offshore is less regulated

The study showed that the corporate service providers in the Cayman Islands were top of the table of over 183 countries because they required the full suite of identification documentation. The Isle of Man and the Cayman Islands were the only 2 jurisdictions that had a perfect compliance record, according to the results of the study.

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

Their website is: www.caymanfinance.ky