FCA should ‘practice what they preach’

Cayman Finance, the organisation representing the financial services industry in the Cayman Islands, has criticised the UK Financial Conduct Authority for including the Cayman Islands in its list of jurisdictions considered to be high risk for illicit flows of money.

Gonzalo Jalles, chief executive officer of Cayman Finance, said: “The fact that they have listed Cayman despite our long standing commitment to transparency and good rating as per the Organisation for Economic Cooperation and Development/Financial Action Task Force (OECD/FATF) clearly upsets us. However, what is even more upsetting is the FCA’s hypocrisy.

“The FCA preaches for transparency. In April of this year they published a Transparency Discussion paper, and in the introduction they state: ‘As a public body, we should be as open and accountable as possible. We are open to being scrutinized by consumers, firms and Parliament.’

“However, they do not practice what they preach. The methodology for the construction of this list is not disclosed and we have serious reasons to believe it is poorly constructed and fundamentally flawed.”

“We are convinced, in line with OECD/FATF reviews, that Cayman is at the forefront of combating and preventing financial crime, and evidence shows that we are at a similar or higher standing than the UK themselves, certainly in regards to beneficial ownership information.

“I publicly defy the FCA to practice what they preach…transparency,” he said.

FCA, Cayman Finance, Gonzalo Jalles, Europe, International

 

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