 In his government roles, Sir Vassel was a driving force in shaping the Cayman Islands financial services industry.The Cayman Islands is the fifth-largest banking centre in the world, with $1.5 trillion in banking liabilities .In March 2017 there were 158 banks, 11 of which were licensed to conduct banking activities with domestic (Cayman-based) and international clients, and the remaining 147 were licensed to operate on an international basis with only limited domestic activity.