Cayman Islands plans major lobbying drive

The Cayman Islands will embark on a lobbying offensive to win over its detractors in the UK and US governments.

The world’s fifth biggest fin­ancial centre has turned to Media House International to handle its government affairs activity in the UK. Media House founder Jack Irvine will lead a four-strong team. The Washington assault will be led by Jack Quinn, former counsel to Bill Clinton and founder of lobbying agency Quinn Gillespie & Associates.

The appointments by the Cayman Islands Financial Services Authority follow att­acks on offshore banking by  Gordon Brown and President Barack Obama.

CIFSA chairman ­Anthony Travers is concerned the att­acks have linked the ‘fully tax transparent’ territory with non-compliant jurisdictions such as Monaco, Dubai, Switzerland and Andorra.

He criticised Brown’s assertion the world would be safer if offshore tax havens were outlawed. ‘It is, of course, the exact opposite,’ he insisted.

‘Everyone’s savings would have been safer in Cayman ­Islands bank accounts, where the ­entire banking ind­ustry has remained robust due to excellent liquidity controls.’

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