During 2017 and 2018 the Cayman Islands came under heavy fire from the UK Parliament, which called for stronger compliance regimes within financial services and even the imposition of a public beneficial ownership registry.
Steve McIntosh the CEO of a CML Nova, a local recruitment company says that international pressure far from our shores has helped diversify Cayman’s job creation.
“We’ve seen over the last 12 months, in fact in the last 2 or three years really, is an increase in the jobs in compliance,” said Mr. McIntosh, “And that’s been a big area of growth in particular for Caymanians.”
Stepping Stones Recruitment Manager Rosie Dunsford agrees and she said the pressure has also helped to strengthened local laws.
“Across the board, there is a lot of demand for compliance position, just because of all the different international and local regulation that is changing,” said Ms. Dunsford.
One such law is the Economic Substance Law, which came into effect on January 01, 2019. Mr. McIntosh said he expects the law to have an initial short term hit on government’s coffers.
He said, “There will also be a positive impact in terms of private sector growth, because some companies are likely to leave, as a result of the new legislation, and some companies are likely to grow.”
Mr. McIntosh said he believes the boost in compliance positions is a reason why Cayman’s unemployment rate fell to 2.6 % during 2018, the lowest it’s has been in the last decade.
The ESO’s 2018 Fall Labour Force Survey reveals that Caymanian Unemployment numbers fell to 4.6%, which translates to around 1,291 unemployed Caymanians. To see the survey in full click here.