Miller to talk more on review at offshore conference
(CNS): The recent major review of the future financial sustainability of the Cayman Islands economy will be under the spotlight at a special offshore conference in the US in May. The former US government official and economist who oversaw the recently completed Miller Report will discuss his findings at the Offshore Alert Conference in Miami. James Miller, who was a member of former US President Ronald Reagan’s Cabinet and a former Chairman of the US Federal Trade Commission, will offer his thoughts on how Cayman can keep its economy afloat in the modern era.
His report, which has generated considerable attention locally for its emphasis on cutting spending and not raising taxes to stay competitive, will now be scrutinized by a wider audience. "Do not impose direct taxation" was the first of the report’s "Major Recommendations". Imposing such a tax "would be extremely deleterious to the very mobile financial services industry" and "would put the Cayman Islands at a competitive disadvantage compared to other international financial centres" and would "drive away business".
Difficulties obtaining work permits, either at all or in a timely manner, have long been a bane of offshore financial services providers in OFCs. Continuing on its pro-business theme, Miller’s report recommended that Cayman’s government increase the number of work permits, reduce work permit fees, and make the guest worker program more flexible.
Miller will expand on his report’s findings at the 8th Annual Offshore Alert Financial Due Diligence Conference, which will be held at The Ritz-Carlton, South Beach in May.
He will take part in a session which will include Michael Foot, who recently completed a review of all of the British OFCs for the UK government, including the Cayman Islands, as well as speakers from the US, Cayman, Bermuda and the Bahamas.
The conference will bring together more than 300 pro- and anti-offshore advocates and neutrals from more than 30 countries to discuss all aspects of OFCs, including products, services, tax issues, fraud, asset recovery, money laundering, compliance, investigations and intelligence-gathering.
Category: Business
Jim Miller will be there, Michael Foot will be there, the head of the IRS’ whistleblower program will be there, the person responsible for setting up the SEC’s new whislteblower program will be there, the LGT Bank whistleblower’s attorney (the whistleblower himself is in the witness protection program) will be there, the Julius Baer (Cayman) whistleblower will be there, the Wachovia Bank whistleblower will be there, the leading fraud and asset recovery attorneys and investigators will be there … pretty much anyone who is anyone in the offshore world will be there.
This is a progressive conference.
The way forward for offshore practitioners is not to bury one’s head in the sand and pretend that everything is perfect but to engage in healthy debate with the international community about all aspects of offshore finance, learn how to take steps to improve your respective jurisdiction and take advantage of an opportunity to educate people about the benefits of OFCs.
Any offshore jurisdiction that does not take proactive measures to adapt to the modern world will ultimately cease to exist in any meaningful way.