Movers and shakers in the world of internet marketing converged today for the IMA’s IMPACT 16 conference in Cayman.
While the focus was on cutting edge trends in digital marketing, Premier Hon. Alden McLaughlin used the forum to set the record straight about Cayman as a business jurisdiction, and differentiate it from other jurisdictions that have been grabbing international headlines in the Panama Papers scandal.
“The Cayman Islands is not Panama, and in fact our anti-money laundering regime has been in effect for over 15 years,” said Premier Alden Mclaughlin during his 12-minute welcome address to IMPACT 16 attendees at the Ritz-Carlton Grand Cayman.
In addition to warmly welcoming heavy hitters in the world of internet marketing to the conference, Mr. McLaughlin set the record straight on the jurisdiction’s adherence to international tax reporting standards.
“Cayman automatically shares information with the US and the United Kingdom for FATCA purposes and is committed to the OECD’s Common Reporting Standard along with 95 other jurisdictions, including the majority of G-20 countries,” explained the Premier.
He said insufficient attention has been paid to other offshore financial centres, where he says the real problems occur, jurisdictions that don’t play by the rules.
“Criminals are less likely to operate in well-regulated jurisdictions like the Cayman Islands, where the spotlight is brightest and the attention is greatest,” said Mr. McLaughlin. “They will simply migrate to areas where there is less sunshine.”
The Premier acknowledged that many IMPACT 16 attendees may be considering establishing a business presence in Cayman emphasising that nefarious or illicit financial conduct is not welcome within our borders.
“Criminals looking to set up illicit shell companies to hide ill-gotten gains or usurp the laws of another country will not readily find a home here,” said Mr. McLaughlin.
A message government hopes resonates beyond the confines of this conference.Impact 16 attendees *did have the opportunity to talk some shop after mr. Mclaughlin’s marketing pitch for the jurisdiction.
Speakers from household names like Google, Microsoft, and Hootsuite shared their insights on the quickly evolving world of digital marketing.