 The next day, the Cayman Island Financial Services Association submitted an open letter to the president detailing the Cayman Islands' role in international finance and its value to the US financial system.The Cayman Islands was ranked as the world's second most significant tax haven on the Tax Justice Network's "Financial Secrecy Index" from 2011, scoring slightly higher than Luxembourg and falling behind only Switzerland.In 2013, the Cayman Islands was ranked by the Financial Secrecy Index as the fourth safest tax haven in the world, behind Hong Kong but ahead of Singapore.