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Since its establishment in 1997, the Society of Trust and Estate
Practitioners Cayman Islands, otherwise known as STEP Cayman Islands,
has been one of the most active private sector associations in the
jurisdiction. The success of the Cayman Islands, both socially and economically, has historically been based on a unique partnership between the public and private sectors. In these challenging times these two groups are once again coming together to write the next chapter in the islands prosperity. The stories are difficult to hear and impossible to comprehend.
Pre-pubescent girls are forced to provide ‘favours’ for male visitors
to their homes in return for drugs or are left alone for days at a time
to fend for themselves while drug-addicted parents party. Three minors
were all impregnated by the same adult male. The girls were expelled
from school because of their ‘condition’. A child from a loving home is
sexually molested and beaten by a group of older boys at his school. That’s what the Cayman Islands has to maintain to withstand these rough and tumble economic times, members of the Cayman Islands Chamber of Commerce heard from Cayman Island Governor Stuart Jack earlier this year. While it is generally accepted among the population that financial services are a significant part of the Islands’ economy, it has always been difficult for most people, even industry executives, to explain just how large the impact is and exactly what benefits the islands receive from hosting the industry. Then, the various stakeholders and special interest groups will have some firm numbers on which to guide their discussions and plans for the future. As the newly elected Alternative Investment Management Association Cayman executive council gathered for their first meeting and a discussion on the state of current issues ensued, it quickly became apparent that the group had its work cut out. As the Cayman Islands Financial Services Association (CIFSA) celebrates its 5th anniversary as the central voice of the financial services sector in the Cayman Islands, it is only appropriate that we examine the work being performed by this association that represents such an important part of the Islands’ economy and discuss their vision for the future of the industry here.
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