Mar 16 2009 Direct News
Former Financial Services Authority managing director Michael Foot has arrived in the Cayman Islands to conduct a review of the transparency and stability of the territory's financial services sector. Cayman Net News stated that Foot, who is now UK chairman of the Promontory Financial Group, has been appointed by HM Treasury to conduct the review, which will examine anti-money laundering procedures, counter-terrorist financing measures and a number of other regulatory issues.
He is set to meet with Cayman Islands governor Stuart Jack before two hours of talks on the risks and opportunities presented by the local financial services industry.
Cayman Islands' minister for international financial services policy, Alden McLaughlin, said he had previously met with Foot in January and has a "good grasp" of what the inspection is looking ford.
At the January conference, which was held in London, the minister had told Foot that the territory is "one of the good guys" in the fight against money laundering and terrorist financing.
Foot's latest report will be delivered to chancellor Alistair Darling, foreign secretary David Miliband and the governments of the Crown Dependencies and Overseas Territories.
