Compliance Conference in the Cayman Islands to Discuss Latest Measures in Global Anti-Money Laundering and Crime Prevention.

GEORGE TOWN, Grand Cayman -- Government Applauds Financial Services Industry Leadership in Upholding Cayman's Commitment to International Co-Operation

The Second Annual Caribbean Regional Compliance Conference kicked off today in the Cayman Islands bringing together a number of noted international experts discussing current issues and trends in anti money-laundering prevention, crime enforcement and international co-operation.

"We fully support and commend our industry for continuing to help Cayman stay at the forefront in this important area of the global financial services industry," said Kenneth Jefferson, Financial Secretary, Cayman Islands Government. "This conference is an example of how the private sector can work with governments and key international organizations to ensure that appropriate transparency and accountability in the industry worldwide is achieved."

The Conference, organized by the Cayman Islands Compliance Association in partnership with similar groups from the Bahamas, Barbados, British Virgin Islands and Trinidad, is featuring leading experts in the areas of risk management and regulatory compliance including:

--Bill McCloskey, Chairman of the Organisation for Economic Development and Co-operation's (OECD) Committee of Fiscal Affairs

--Paul Byron, Senior Trial Attorney in the U.S. Department of Justice's Asset, Forfeiture and Money Laundering Section

--Calvin Wilson, Executive Director of the Caribbean Financial Action Task Force (CFATF) based in Trinidad

"From the industry's perspective, we have a responsibility to keep up-to-date with global dialogue and discussion about risk management and regulatory compliance," said Mr. Martin Livingston, President of the Cayman Islands Compliance Association and lead organizer of the conference. "The face of regulation is constantly changing. Sarbanes-Oxley, Basel II and other developments require diligence on our part."

The Cayman Islands Government has been continuously working both domestically and internationally to maintain a strong regulatory and compliance framework. Domestically, this includes adherence to the Financial Action Task Force (FATF) international anti-money laundering standards and the Basel Committee, International Organisation of Securities Commission (IOSCO) and International Association of Insurance Supervisors (IAIS) global standards in the regulation of financial services and updates to governing legislation. Internationally, this includes bilateral mutual co-operation arrangements such as the mutual legal assistance treaty with the U.S. and various regulatory co-operation arrangements maintained by the Cayman Islands Monetary Authority, http://www.cimoney.com.ky.

Building on 40 years of steady, consistent growth, the Cayman Islands financial services industry continues to be one of the top ranked in the world in terms of quality and assets under management. The industry encompasses banking, trust services, mutual funds, insurance, vessel registration, capital markets products and the Cayman Islands Stock Exchange.

Note to Editors: A complete copy of the program for the Second Annual Caribbean Regional Compliance Conference is available through the contact listed. Interviews with conference presenters can also be arranged.