The Chairman of the Cayman Islands Financial Services Association, Anthony Travers, has said that the only reason Gordon Brown and Barak Obama condemn the Island's tax system is because they are threatened that businesses and individuals will leave their high tax jurisdictions. Following the G-20 summit in April, Brown prioritised tackling tax havens with Bank of England governor Mervyn King. Brown sought to look closely at those that have links with the UK, such as the Cayman Islands and Gibraltar. The prime minister suggested that such jurisdictions implement international standards for greater tax transparency. But Travers has defended the Cayman Islands, which he said is a stable, transparent and a tax neutral jurisdiction, which has a secure British legal system in place, the Telegraph reports.