Economist article strikes positive note

A major new article in The Economist magazine, entitled, A Place in the Sun, explores the pros and cons of offshore financial centers, with specific references to the Cayman Islands.

The article, by Joanne Ramos, covers a wide range of themes, as it gives an overview of offshore financial centers, and the reasons for the expansion in their business in recent years.

The article argues that many of the concerns (especially in the present climate of concern over money laundering, and terrorism-financing operations) over offshore financial centers (OFCs) are often exaggerated. It also argues that well-run jurisdictions of all sorts, whether on- or off-shore, are good for the global financial system.

The article has won praise from Ted Bravakis, Director, Public Relations Unit, Portfolio of Finance & Economics, Cayman Islands Government.