Premier calls UK move on BOTs ‘colonial despotism’
Cayman Premier Alden McLaughlin and Financial Services Minister Tara Rivers talks to UK Chancellor Philip Hammond
(CNS): Premier Alden McLaughlin has said that the Cayman Islands Government is considering a legal challenge to the news today that the British parliament has voted to force its overseas territories to introduce public registers showing the beneficial owners of the companies domiciled there. “The actions of the House of Commons in seeking to legislate for the Cayman Islands amount to constitutional overreach and are reminiscent of the worst injustices of a bygone era of colonial despotism,” he said in a statement following the vote Tuesday.
The British Overseas Territories, but not the Crown Dependencies, are facing the mandatory requirement of allowing public access to the information about who owns and benefits from the financial entities here before the end of 31 December 2020. As a result, McLaughlin said, his government was “keeping all options on the table, including a legal challenge”.
McLaughlin said his government was “deeply aggrieved” by the move and that it violated the accepted and conventional constitutional relationships between the UK and the Cayman Islands.
“The Cayman Islands has its own democratically elected government and is not represented in the UK Parliament,” he stated. “Imposition of legislation, through powers that date back to the colonial era, over and above the wishes of the democratically elected legislative bodies of the overseas territories represents a gross affront to the constitutional relationship we currently have with the United Kingdom.”
Railing against the pass given to the crown dependencies of Jersey, Guernsey and the Isle of Man, the premier said, “Imposing such an obligation on the overseas territories while exempting the crown dependencies discriminates unfairly against the overseas territories. This amendment is based solely on prejudice and a wilful misunderstanding of our current regulatory framework.”
Central public registers are not the global standard and the Cayman government had believed that the UK would resist imposing public register on the territories until they were — something the governor had also indicated was the case at a recent press briefing.
“Since 2013 I have been completely clear that, when public registers become a global standard, the Cayman Islands will adopt them,” McLaughlin said. “The actions in the House of Commons today seeks to impose the UK’s own flawed system of unverified public registers upon the Overseas Territories by the end of 2020.”
He also accused the members of the British parliament of double standards, as during the same debate it voted down an amendment to the UK’s Companies Act, which would have required due diligence on beneficial owners of UK companies in order to prevent money laundering.
The premier’s outrage was matched by Minister of Financial Services Tara Rivers.
“Even more unfortunate, today’s actions indicate that, for political expediency, the UK has chosen to ignore Cayman’s high level of ongoing cooperation which is embedded in our laws and international agreements,” she said, as she pointed to the more than 100 tax authorities and crime agencies that already have access to information about who owns what and how much in relation to Cayman companies.
“Verified beneficial ownership information on Cayman structures has been available to the UK’s legal, regulatory and tax authorities for more than 15 years, and our agreement on the sharing of information with the United Kingdom authorities is of such strength that we have committed to reporting within 24 hours, or within 1 hour in the case of a truly emergent situation.”
However, these claims by the Cayman government and the offshore sector about standards and transparency have failed to gain the necessary traction with British politicians, who have been subject to a significant lobbying over the last few years. This was compounded by recent events relating to the flow of illicit money funding the West’s ‘virtual cold war’ with Russia, through the offshore and onshore financial system.
CNS has contacted Cayman Finance about the industry position on the news and we are awaiting a response. However, the organisation unveiled a new project today to help the sector promote the jurisdiction and share accurate information about the jurisdiction.
It said in a press release that the “Industry Ambassador Programme” was targeting the 7,000 people working in the local financial services sector to equip them with the knowledge required to champion the benefits of using the jurisdiction.
One of the areas would be what a tax haven is and why Cayman does not meet that definition.
“As we continue to promote the Cayman Islands as a premier global financial hub, we will be proactive in dispelling myths and ensuring we are informing the public both locally and globally that we are a well-regulated and highly reputable jurisdiction that meets the highest global standards,” Cayman Finance CEO Jude Scott said in the release.
Related article: UK to force BOTs to make BO registers public
See more documents on beneficial ownership in the CNS Library
Category: Business, Financial Services
So what let it pass then Cayman can add the regulations.
Failure to supply the information , one peppercorn per year
Communists are Godless abortion loving narion destroying scumbags
Lets be more objective. Helps the debate. 😉
“Communists are nation destroying scumbags.”
Mr Premiere. Tell them : Hell will freeze over before I destroy the economy of the Cayman Islands because your communists wishes it.
Don’t worry about the liberal/commie scum. Cayman is behind you and support you.
The UK is under a conservative government, neither liberal nor communist
Alden and Moses been supporting the BOTS for years!
Well people, what is it you want?
A gradual UK Governor DICTATORSHIP like what happened in TCI and other places where democracy was suspended. A controlling elite government over us.
Or,
Do you want to move into the direction of responsible Independence, uniting ourselves with other countries, and financially securing our lead in the financial world?
Its up to you.
False choice. Adopting the UK’s crappy useless unverified public register will be less of a burden than the current system.
Do you expect to receive the unverified version? Do you think that the Caymans will be allowed to go backwards, from KYC/AML to unverified? Send me those pills you’re chewing! 😉
Yeh, great idea and watch the Financial sector disappear and CIG revenue with it…who gonna fund your police, social security cheques and all the charities? Go for it, Bahamas still paying for the same mistake and Bermuda to a certain extent.
Can not we join with another superpower ? I mean the Uk is not really in our best interest. We can explore other options of self-determination. We an form strong alliances. It is “we” who built up our financial centre – not the Uk. So there is no reason why we should do injustice to our clientele because these foreign elite want global power.
Did you actually think before you wrote? So your choices are Trumpland, Russia and China. Think you are suffering now? Ah diddums.
The City of London built your financial services sector with Caymanian law makers facilitating its path. You didn’t have the expertise to build such a complex industry nor the infrastructure. You only had a little over 10k residents in the early 60’s for gods sake.
Anyway, jump from the frying pan into the fire you clown, you don’t produce anything anyone wants and all that expertise you rely upon and the access to markets which keeps you afloat will disappear overnight.
No one will trust you because you have nothing to offer. Who would give you credit for a start?
While the Russian mafia basically owns and bank rolls everything that happens in London they are pointing fingers at us. Sad day indeed but what can we do? only other choice is independence and we cant afford that.
You needn’t worry about that. They already have them.
It is a global cancer. God will judge the Lodge. They squat like fat toads on their spheres of business, they name streets after themselves.
They immortalize their poor mothers and yet they believe they will get off scott-free because they donated some ostentatious shekels to one of their own charities.
Good luck with that, my Lodge friends. Our lives are but a temporal thing.
I do not lie. You have an appointment with the Living God.
I am a saved man and even I dread that day. Do you have any idea of what you will have to face?
When I see the news headlines, I just shake my head. There are so many Caymanians without jobs, discriminated, and the cost of living and doing business here is high. How are we the average Caymanians benefiting from the Financial Industry? Where is all the money going? How is it benefiting us the people?! I don’t give a hoots what the UK parliament demand on us!
Perhaps just maybe, it will be better for us if this law is enforced, and this cause the money making expats to leave the island, and once again our cost of living will go down, and born Caymanians will be able to get jobs and find it affordable to start business. I leave everything in God’s hands.
Come what may ☝️??☝️?
First and foremost we’re all Gods children. Neither a Caymanian nor an expat is more or less valuable. So the bashing on a particular group of people in an economic system, especially those who attract wealth and prosperity to that system, is not appropriate, in my humble opinion.
Secondly NOTHING stops you from getting the education to participate in whatever industry there is in the Caymans.
Thirdly, even if you opt to not be a banker or incorporator, you can benefit from those people by running a shop that offers something of value to them. They obviously have money, and most certainly they’d like to spend it. That’s how economy works, that’s how a market works. And thank heaven it’s that way.
Whining about the way a successful economy is working, and the fact that one is left behind, and always blaming “the others” for that, is not helping at all and not getting you anywhere.
That’s life. And it is also your life. Get up and make something of it!
Seriously folks,
I don’t like the idea of an IMMATURE MOVE towards Independence. It has to be well planned out, and ALLIANCES has to be made because we have no army. Perhaps alliances with an international union of countries.
If the UK is out to destroy our economy, we have to move with stealth and wisdom. On a positive note, Independence does not mean doom and gloom like the Caymanian-Uk loyalists are portraying.
Peace ☺??
A register of shareholders is going to destroy the economy? You really have no idea.
Bermuda and the Caribbean Overseas Territories need to consider setting back up the West Indies Federation. Come on, get cracking.
The UK has been corrupted by an Post Modern Neo Marxist ideology. The political party’s are only degrees of this sickness but all have been corrupted to some extent. The UK is not longer a bastion of individualism and rights of the free man. The collective is now more important. Privacy is no longer, look at their CCTV system, it doesn’t stop terrorists just watches the people. Orwell’s story is now reality. It is all very sick.
racist comments ? the truth might be an offence but not a sin. I remember prior to hurricane ivan watching the expats, foreigners, paper caymanians, caymanians w/e u wanna call them hurrying to the airport, some being whisked away in private planes sent for them by their employers. A limited few returned to help rebuild. I remember when big mac launched and retracted the expat only tax proposal, in less than 48 hours and roadsides were lined with vehicles for sale and listings galore for property were posted. Ready to flee once again. Don’t be fooled by these people, read up on your history and equip yourself knowledge wise. I suspect with the current state of affairs and w/e looms ahead for the cayman islands and its people, I will be watching another mass exodus. Economic migrants will always feel entitled and in control of the jurisdictions they voluntarily settle in and leave once the wealth dries up. That will determine the real “caymanians” though.
Cayman is riddled with economic migrants. Some of them make a boatload.
Caymanians need to put their feet down.
I know of many Caymanians who are happy to make coffee for their overlords, yet unwilling to do anything about it or even speak up.
Give them a deadline Alden and after that issue a statement that work permits will not longer be renewed or Granted for UK citizens.
#cancel the permits
Keep that as option 1 and get on the phone to BVI and to Bermuda and make sure they are on board with it too…Also regional allies should be pressured to shun Britian..ask Jamaica for help too.
They need to know that not only will they cut themselves off from the EU but we will help to cut them off from the world.
This isn’t the softy soft anymore guys this is the hard line time where strong leaders are needed…time to get out your sticks
Alden, its time strong actions not strong words collectively by the BOTCs. Act with your allies and threaten to cancel all the Brits work permits and send them home on the next BA.
They in turn, the thousands of them, will write their MP and that will get them to think in the right way.
The BOTC have their own weapon..act quickly and decisively,,,we don’t need Brits by the way, they can easily be replaced by Aussie and Lonnies..put the pressure on them quickly..
Businessmen rely on courts at last instance…you are well advised to do the same.
Very conveniently forgetting how all Caymanians snapped up their freebie British passports that were handed to them for doing nothing that ever benefitted the UK. The real disgrace is that Caymanians with UK passports can just waltz into the country, claim benefits etc. And yet proper UK citizens have no rights here at all and are in fact treated worse at immigration than Americans who can come in on a drivers license.
UK should have dumped Cayman long ago and would love to do so as we give the UK nothing but trouble.
Give this guy a history lesson…why don’t your ring up the veteran association and tell them to give back the British passports of the Caymanian sailors who died in WWII….
Or ask how much money the UK received from the Cayman Island when they went to war with Argentina in the 1980’s.
Maybe you want to ring up the American and ask them why they had a navy base here in WWII.
Its clear you don’t know our history so don’t look cute and talk about freebie because you can’t pay back loyalty.
Are you just a little bit self-interested? Why don’t you do as the author suggests and write your MP and attempt save your own skin.
We love the British we are cousins after all the story is so close together but we love Cayman first.
But in this battle, either you are with us or against us. Can we risk having people who are against us, the answer is no and from the thumbs down there are a great deal who are not with us. Then, they must go because we cannot afford to have a mutinous crew.
I am sure this thread will spread and appear at the Premiers doorsteps. And when meeting with the British Prime Minister our Premier will have to convey the sharp message that the Caymanians are calling for measures against British citizen in response to an unwarranted attack.
3:46pm: You idiot – this is a British Territory – there is a price for owning it – British Passports!
Premier if you think this is the end of the story think again. Despite your special invites from the UK to partner on road shows and their commitment to support Cayman in post Brexit, watch the UK Judas stand back whilst the country is black listed as well.
The Cayman Islands can only borrow and service it’s debt, with the financial backstop, and the full faith and credit of the UK gov’t’s Aa2 credit rating. On our own, we’d be closer to Bahamas’ Baa3 rating, and consequently nowhere near as levered-up as we are now.
Just between 2015 and 2019, the Cayman Islands had either paid, or had coming due, interest and principal amounts of more than $443 million. $315,000,000 of that is the face principal of a London Int’l listed 5.950% (semi-annual) bond maturing 24 Nov 2019 [ISIN: USG1986TAA37]. This is 100% PPM and CDP generated debt.
That amount does not include an additional $153 million government expects to borrow in late 2019 to refinance a portion of this debt (unable to retire half of the face value), nor does it include any additional borrowings for cruise piers, underfunded airport expansions, recurring turtle/airline subsidies, and the estimated Billion+ in undisclosed, and unfunded public pension/health liabilities that start kicking in around 2020.
So when asking, “what does the UK do for me?” and “where is my fruit basket”, there’s part of your answer.
At triple Aa2 still doesn’t matter for 5.95% which is more like a corporate note. Our basket of fruit would be for them to issue gilts and charge us the interest rate they pay…which is closer to 0%
Just ask Papa Dart for an allowance to pay off the UK and backstop the debt.
So because we have debts and the UK has ultimate responsibility for us, it should cripple our economy?
If you guaranteed your son or daughters loan, you would do your best to ensure that guarantee is not called, and if it is would probably not do it again, right? However you seem to be suggesting Caymans politicians should not worry about the debts. Criminal behavior front and fore. But I am not surprised.
Indepdendence with tourism and casinos might work.
And drugs. And some nice new beaches and mountains.
More beaches can be created, and we have the cliffs on the Brac that is an untapped resource of beauty.
Its all there, the only thing getting in the way are all the people that would claim a piece of the pie but wont move a muscle to make it happen other than yap that their great great great grandfather makes them historically entitled to the benefits of others current visions and investments.
Drugs was probably a joke, but a medical drug such as cannabis has turned Colorado into a major tourism destination for people who wish to endulge in the herb legally. Millions of tax revenue generated for schools. Legalizing it here would result in a lot more stay over guests, believe me.
Ha! Caymanians would rather suffer under a colonial master, rather than have a chance to chart their own course. Caymanians have a severe case of colonial loyalty, mentality.
Had.
The socialists in London have spoken. No country in the world should make their ownership registers public. The tax authorities and terrorist hunters have access to that data anyway. There is no need to make it available to the mob. For what? So the jealous socialists can scandalise private property? Next step after this: Getting rid of cash. Then, give it another 10-20 years (if even that): Making bank account balances public. Slowly all human rights are abolished, just like the assumption of innocence already is. Everyone has to prove he’s not a terrorist these days. Thank you, socialists. We know who we owe this one. The world is becoming a global type of Soviet Union lately. Disgusting. Stand up for Human Rights! Stand up for Privacy! Stand up for Common Sense! Stand up against socialism!
Given that the Conservatives are the largest party in the House of Commons and form the government of the UK it is ridiculous to claim that this decision is the work of “socialists”. There are, I believe, several reasons for this decision which have little to do with jealousy. Ordinary voters and tax payers (the mob as you put it) in the UK – and across Europe – have become increasingly aware that offshore accounts have been used not only to enable the rich to avoid paying their fair share of tax (which means ordinary people have to pay more) but also to finance interference in political systems and terrorism. These ordinary voters believe that they too have human rights and they include the right to transparency in public affairs. They believe that human rights extend to everyone, not just those who can afford expensive lawyers and accountants.
Still, if Cayman regards this as “colonial despotism”, it can always declare independence.
Spot on. The ranters on hear have no idea about the sentiments towards offshore post the 2008 crash, and the Panama and Paradise Papers.
“The ranters on hear” (sorry, but I had to include the “hear” in the citation) have the justified opinion that regulations, especially those heavily influencing human rights, should be based on current facts and not “sentiments”. And the current fact is that all measures in place are already more than sufficient to avoid all that to happen again. So why playing the emotional card “on hear”?
All the evidence suggests that Cayman is not facilitating tax evasion – FATCA, CRS, TIEAs, MLATs, OECD and FATF standards met or exceeded – there is no way, under any definition, that Cayman can be described as a tax haven or secrecy jurisdiction and to say otherwise is lying, plain and simple. XXXXX
I dislike people who try to avoid a healthy structured debate by using wrong facts and wrong accusations (just because they fit in their picture).
First: Labour voted in favour of that regulation and only a few dissenters from the Torys. To claim that this is the work of the Conservatives (as a stand-alone statement) is clearly WRONG!
Second: You claim that I called the ordinary voters and tax payers the mob. WRONG! I did not do that. I called the mob the mob. Whatever bunch of people will belong to that group of the then “private investigators”, who without any legitimate interest in the businesses of other countries’ entrepreneurs will then push their noses up those butts, where they don’t belong.
Third: You claim that those ordinary people “have become increasingly aware that offshore accounts have been used not only to enable the rich to avoid paying their fair share of tax (which means ordinary people have to pay more) but also to finance interference in political systems and terrorism.” WRONG! See A, B and C.
A.) Those “ordinary people” aren’t naturally interested, they are merely being agitated by a scandal-thirsty socialist press whose only goal is to target anyone who strives and makes money from that. The bigger the scandal the more sales. Yes, there were probably numerous cases who abused offshore vehicles. But how stupid must the local tax authorities have been not to discover most of those cases in their home countries? AND, much more important than that: It’s not possible anymore today – with the already in place excessive scrutinising. Even without this anti-privacy / anti-human-rights regulation. So why still insist to do it? Just because of jealousy and nosiness?
B.) As mentioned, tax fraud is already massively limited (if not even widely impossible) by today’s measures in place. Even more so terror financing. You obviously have no idea how people and businesses are being scrutinised in all those countries, like the Caymans. It’s a strip down to the bone (not like in the UK or EU, where you still get a company on the internet). People who don’t know those things, better keep their mouths shut about them.
C.) My ear is bleeding from all that terrorist bs, that all socialists and data-collection fascists are repeating over and over again in order to justify the limitation or abolishing of our God/birth-given human rights. The socialists under Blair were among the biggest warmongers and creators of poverty and terrorism (see Iraq). Socialists better clean in front of their own doors, before they try to scrap other people’s God-given human rights, as a result of their own incompetent politics that helped create terror in the first place.
You are arguing like STALIN. It could have been him who repeated over and over again … until everybody’s ear was bleeding: for the good of the society, for the good of the people, for the good of the society, for the good of the people, for the good of the society, for the good of the people.
Yes, we know. Socialists want a borg-like society ( https://en.wikipedia.org/wiki/Borg_(Star_Trek) ). Where everything is nicely equal. And everybody knows everything about everyone else. With a nice all-watching eye, just like the STASI in the former GDR. No individualism. No privacy. No assumption of innocence. Yes, we know that. No need to tell us and find cheap excuses.
Why don’t we install cameras in billions of bedrooms worldwide … in every room of every house? On every street? We would have no murders anymore. Or at least we would catch each murderer instantly (almost). No costs for your hailed society regarding expensive court cases. Less expenses for police. And of course: No more murders! What a great world that would be. What a great … sick totalitarian socialist-fascist world. And with more arguers like you, we are getting there sooner or later. Sadly probably rather sooner than later.
But now let us come to the CORE. You tell me (and the rest of the interested people here) what the mob can do that the government authorities that already have access to the databases cannot do! Where in fact is the advantage? I can only see the nosiness, the nose in other people’s butts and the scandalising of private wealth as your arguments. WHAT can the mob do that the authorities cannot? Go ahead! Share your wisdom with us! PS: And please don’t tell me once more that I called the voters mob again (which I didn’t) – those voters who don’t give a thing about the purpose-driven agitation and about other people’s legitimate businesses.
Well, damn!!
That’s you told, son…
😀
– Who
Fair share of tax; now there’s an idiotic concept. There’s a legal share and an illegal share. That’s it. In their desperation to be seen to be doing something they come after us whilst ignoring Delaware, Lichtenstein, Cyprus, Malta, Seychelles, Mauritious, Panama, Belize, Macau etc… spineless Tory government are an embarrassment.
https://guernseypress.com/news/2018/05/02/mp-says-public-register-is-our-moral-obligation/
This explains quite clearly why the UK can not impose legislation on the Crown Dependencies. Also of note is the following from the article:
“Channel Island political leaders were in London on Monday mounting a united defence of their position, stressing that the UK could not legislate this way on a domestic issue with that the islands’ consent.”
Where were Cayman’s leaders on Monday?
I think there was a lodge meeting last Monday. Some mediocre members of the lodge wanted some government contracts.
Expats will take action! https://www.youtube.com/watch?v=iPqhqSeMMLI
Tourism?
Cayman immigration and customs need a course in manner and being polite. You all are not people friendly
Yes, Brits have a reputation of being warm and friendly.
We should follow their example of inclusion and openness.
I have to laugh at the Premier’s reference to despotism – we’re lucky these islands aren’t ultimately governed by a true despot. He doesn’t know he’s born.
Oh no he does know, he involuntarily removed from power already.
We’re on the wrong side of history. Rightly or wrongly, we’re perceived as facilitating tax dodgers (both good and bad one’s…go figure)…the growing public awareness and occasional understanding of tax evasion and avoidance, regardless of how well any of our finance professionals wrap it up as ‘tax efficiency’ is forcing governments around the world to start cleaning house…..try telling 60 Million people in the UK that the Cayman Islands financial services industry will collapse if we have to show who really owns the money here, not going to get any sympathy…they see us as helping Amazon/Facebook/Starbucks/Google avoid paying billions…..even if its wrong, they’re right and that’s all that matters….we’re on the wrong side of history….it’s a slow retreat back to simpler times for global tax havens…..been happening for a while……need Health City to grow, need Dart to build more tourism, need some industries apart from finance to thrive…..need to plan
I don’t know what the fuss is all about. This is giving Cayman what it wants. The financial industry, including lawyers, accountants and various parts of the banks, will mostly leave – sure, but with it will go thousands of expat jobs! That will leave Caymanians to concentrate on their strengths, and no more need for work permits! Back to tourism, which is where Cayman should concentrate (but not cruise-ship tourists! Stay-over is where the money is). Those who don’t want to work in tourism can look at working as seamen like years ago, or look to the other old skills like boat building (but no turtling please) and rum cake making.
Swee’pea is bang on. This law will be the beginning of the end for Cayman’s financial services sector. One can expect a drop in real estate prices next year and an exodus of expats. This will probably be good for tourism as prices are somewhat crazy here in relation to the rest of the Caribbean.
Don’t forget the silver thatch rope making please. Everyone can eat Cayman beef and heavy cake while the kids are spinning wooden tops. Sadly no more BMW or Mercedes though
I can live with that. Been there done that. U.K. Will have a hell of a time finding jobs for its own refugees, and the criminals from neighboring isles will have no reason to come this way. Sounds like utopia to me.
And watch Cayman sink in to the sea without a trace. If you think tourism alone can keep Cayman afloat then you’re living in cloud cuckoo land.
If they want to stamp out corruption they should look to the City for that.
Idiotic response as expected.
There is no doubt now how the UK views the BOT’s, they are treating them just how they are treating the rest of Europe, they just don’t care about them.
LOL. Clueless!
Sell us out as fast as you can. Tit 4 tat games all show.
For once I agree with Alden…although I would have found some extra five pound adjectives to go along with describing the UK…
Time for us to carve out our own place in this world..Costa Rica has been doing it for years without a military..and just how many people believe that the UK would come to our rescue if we were invaded..How many time do you ever see one of their warships or airplanes here??
and will the re-domiciliation specialists please turn out the lights on the way out
Stop employing the rick’s of this world and send the rest packing back home along with their proxy helpers whom they have employed to divide and rule us.This will send a very strong message to jolly old England. All those who remember Hurricane Ivan should be ashamed of themselves and understand but instead they kissed up to the Uk and now they have got their just reward . She failed to meet her obligations then and blame our tin horn leader for it . A glimmer of hope some of these jackass loyalist have come to their lifespan and they are taking bullshit wid them. Taking them to court what a joke! Show them you mean business Send Rick home pronto pronto he will get the message out to the rest of his buddies??
Guy Fox. I don’t live in Cayman and will ever want to. However I agree with you to send expats home and run your country as you see fit. While at it get your independence from the UK. Let’s see his Cayman will survive without the expats and UK protection
Why do you troll this forum then you saddo?
Ah, Ivan…yes, where Big Mac refused aid and then later blamed the UK. Great move, not.
And what do we call a premier that spends public money on an immigration report and then keeps it a secret from the public?
caymankind ppm transparency.
Eric Bush was impressive in an interview on the Today programme this morning on BBC Radio 4. Very fluent and persuasive arguing Cayman’s case except for one little mistake when he spoke about the UK “showing no disrespect” to Cayman.
Nonsense. He complete misjudged the tone for the audience that matters. This is now in a damage limitation phase, not a discussion about whether there will be a public register.
Did you hear the interview? I did and I would like you to give an example of anything he said that showed that he misjudged the tone for an audience of more than 2 million.
I thought he stressed the anger and disappointment of the Cayman people and that he wanted change of UK policy.
And here was me thinking that Eric Bush was merely a civil servant. Apparently he speaks on government policy now. That Lodge and other political connections go far it seems…..
The BBC had three choices as to who to interview at 7.35 in the morning:
1. Fly in a MLA from Cayman for a two minute interview at a cost of $2000+ dollars.
2. Telephone a MLA at 1.30 in the morning (Cayman time) for his or her opinions.
3. Interview Eric Bush, who lives in the UK and part of whose job description is to answer questions on behalf of the Cayman legislature.
So, which option would you have chosen?
But the views of the Cayman people are irrelevant. This is a national issue for the UK not a local regional issue.
Public registers were the inevitable consequence of the current government to government registers. It was just a question of when, not if.
I suggest that if Cayman doesn’t like it then it should go independent. No one is forcing it to stay a BOT. UK would love to get rid. But everyone was happy to take the free UK passport though…….
I will “never ever” change my passport that says Cayman Islands on it, for no other country in the world.
For UK expats living here, if you don’t like the natives and how things are being run in the Caribbean, then I suggest you go back and enjoy your wonderful weather back in the UK, skyrocket unemployment, taxes coming out of your earholes, terrorism on the streets and everything else that goes with it.
The day that I “have to” leave the Cayman Islands to go and live in the U.K. or elsewhere permanently, I prefer to take up permanent residence in the cemetery with my ancestors.
Sorry to disappoint you but that is a British passport showing you as an Overseas Territories Citizen.
For all the relevance it might as well say The Moon on the front cover.
I hope you have your letter confirming your status!
Born way before 1977 and my roots goes far back as the mid 1800’s down here in the Republic. Caymanian to the bone marrow baby !!
Born ya, raise ya and hope to die ya when the time comes.
No F#%^ing way do I have any plan or desire to go and live in the U.K. or elsewhere permanently.
Been to the UK once and I can still smell the stench of “urine and feces” in the parking garages of central London, that I had to pay an arm and a leg for parking.
On days like these, how nice it must be…..to be living in the Sister Isles and not having to see and hear BS that we have to encounter here in Grand Cayman on a daily basis ??
Got to check out some property over in Cayman Brac and Little Cayman this year, for sure ??
Well yes, if the some total of your world travels is a trip to an inner city car park I’m sure the sister isles do seem splendid
Nothing is free. Lets not forget how the UK got it wealth ehh. Time to get off that saddle
Time to choose. You add nothing to UK coffers. Enjoy WB Road becoming Half Way Tree.
and UK takes from Cayman’s coffers…
UK gains absolutely zero from Cayman. It is just a liability to them. And an ungrateful and spiteful one too.
Tell that to your pension funds and banks.
Thank you Honorable Premier as you are the best leader Cayman ever had.
More dressed up people who don’t care about us.
Sounds like Cayman politicians
Nice to see the sanitized press out in force tonight. Carry on.
Sadly the racists and bigots will have their narrow minded say. But, the truth is this has been on the cards for years and started by Obama. See the irony bobo?
Obviously you must be new to the world. This unreasonable unlawful pressure by the U.K. was going on towards the overseas territories long before Obama stepped on the stage.. It kills them to know that we are prosperous in spite of them. They did nothing for these Cayman Islands. I remember being in primary school during the coronation of Queen Elizabeth II, we each got a pencil with a little silver coloured tin foil crown holding the eraser and a mug with Her Majesty’s picture. I have a very good memory and cannot recall ever getting anything else. We did not have many material things back then but we had our pride and never really begged England for anything. When hundreds of carribbean people were heading to England to try to make a better life only a few from Cayman jumped on that band wagon. Some of our men signed up with the homeguard and was stationed in Trinidad during World War II . We always did what we could do and now the hateful UK want take our success away. The Windrush people went, worked very hard to help with the building up of England after the war and some of them have been fighting ever since to get citizenship. Just this week a minister had to apologize and then resign for the treatment that these hardworking Caribbean people got for their hard work. We on the other hand went out and collected one million pounds to send to England to help with the Faulkland war. I wonder if there is anyway we can get that back. U.K. Please do not take our meekness for weakness.
Fake news. Of the 500,000 windrush immigrants 450,000 are British citizens. For some reason 50,000 chose not to get a British passport and live on with ILR and the restrictions that implies, like paying tax and not leaving. There are 243 cases under investigation, out of 500,000! Hardly outrageous.
So you want us to believe that the minister resigned because 50000 chose not to apply for a British passport. Are you telling us that she was so distraught by that?
Yes, that is exactly what he wants us to believe.
We should also believe that every single Aussie, New Zealander and such of that time made sure to formalise their papers – hence not a report of a single one caught out in this scandal.
Awesome.
Excuse my french but f*** the UK parliament. They have no education on anything. They seem to forget why we became tax free.
Failure follows Rivers. First education now financial services. We need Wayne Panton. The really scary thing is that Rivers doesn’t know she is doing a horrible job. Listen to her speak for more than 5 minutes on any subject and you will see what I mean. Tara please let the experts solve this problem.
Completely agreed , this could turn out to be the end of the financial industry just because the PPM needed Tara’s seat to take the majority, and allowing her to take a portfolio that was and is clearly way beyond her, someone please with pull at the PPM allow Wayne to at least advise her.
Wayne who Wayne who??? How sad for you Phil you living in Lalala land my boy I suggest you go to Foster and buy some Magnesium Citrate bro. you need a clean out yo
Hogwash!
Are you really that silly to believe that Mr Panton could have single handily stopped this from happening?
No local politician could have stopped this.
Let’s see how much Governor Choudury can help us, I remember him in the Legislative Assembly on 26 March saying that he will defend Cayman’s prosperity!
What say ye Gov?
I watched Tara last evening and I think she did a terrific job. What did Wayne Panton do for us, heck he could not even come up with a proper fit for purpose legal practitioners bill and conservation law. For all you out there who thinks that Wayne Panton is sooooo educated and smart, well he isn’t. He went to the Cayman law school, gained a bachelors of law degree as did many Caymanians, worked for Walkers, made a lot of money, that is it. There are others in the LA who are higher qualified with international experience, including Tara Rivers. Wayne Panton failed to help us when he had the opportunity so what makes you think he can do anything different this time.
5:55. Thank you. You just described the Cayman dream. Wayne was Caymanian equity partner in fact one of the first.
I have nothing against Tara she really gives it her best. But she clearly doesn’t have the experience of Wayne.
Don’t understand the question of one or the other, they are both quite useless to me….
To be fair, Tara has been Minister for less that a year, wayne had it for 4 and what did he do to avert this disaster ?
couldn’t agree with you more 9:12 pm. where on earth do we dig these characters out from and then give them so much power?
You became tax free to facilitate international transactions between the City of London and the world, you didn’t get it to cheat the poor, elderly and sick out of their tax benefits.
You have ridden this gravy train for far too long and the international community is calling time on your dishonesty and greed.
Tourism is the future for Cayman, which means that instead of living off the backs of the worlds unfortunates, you will actually have to work for your living.
Oh yes, and please ask for independence, the UK population won’t lose a seconds sleep when you become Jamaica 2. Good riddance to bad rubbish.
I really wish you would sign your real name to this comment. I also sincerely hope that you do not benefit from the Cayman economy.
HAHAHA. This comment is a gem for morons. You are right, the UK population wouldnt lose a sleep over us going independent. However, the people who actually run the UK would. Two very different sets of people.
In other words only the British isles should be able to do that.
The U.K. Population already have their Ghettos/ Jamaica
Then get your independence from the UK or do you all want to reap the benefits from the UK and still complain just like you do the same with expats
Thanks for the great advice ricki at least you upfront bro, please tell us what benefits we get or derive from the UK besides herpes ??
You all have access to the UK. Cayman was invented by the Brits to hide money.
But I agree with you, get rid of expats and maybe you all will stop complaining about then. Then get your independence from the UK and run your own affairs. Only time will tell how Cayman will survive without the expats and the UK
and mad cow disease?
What benefits are these? The one that Britain enslaved nearly half the world and raped countries of their riches? I would think reparations are in order for Colonialism and maybe for this as it would adversely harm the Cayman Islands and perpetuate colonial rule.
Like no other country has ever done that.
Yes, but is their no debt owed, no cost to these modern times? Why on earth perpetuate the harm in this era. Maybe an apology at least is in order.
This Bill began its journey with House of Lords in October, and by January was already leaning this way…where were Alden, Tara, and the BOT lobby? Inept!
Never gonna get it.
what has cayman got to hide?????
Cayman does not have anything to hide, you joker.
The point is that everyone should be made to comply, so it is a level and fair playing field. You get it now?
Why should Jersey, Guernsey and Isle on Man get a break from this but others have to apply?
Since the objective of the Bill is to prevent money laundering, why plug certain holes and leave others open?
If you were trying to keep thieves out of your house, would you lock five doors but leave three open?
Got it now?
Cayman hides their abuse on immigration where they flaunt their own immigration laws and every Monday morning someone files a case against immigration and wins
Tuesday’s and Thursday’s too.
Bless, did the troll not get PR?
yikes….good job of making a bad situation worse alden.
total over reaction…. which will likely inflame the situation.
Idiot. What the U.K. is doing is an attempt to kill our financial services industry so that they, who compete with us offering the same services, would benefit directly from our demise. If financial services in Cayman goes belly up then more than half of our money goes with it. That cuts the number of services government can offer us in half, it cuts the number of restaurants , gas stations, and everything else you like to patronize in half. You get it now. This move has he potential to reduce Cayman to third worlds status overnight because we would be competing against countries that don’t have the same requirements. This isn’t politics people this is us, all of us, against them. So we better all get on the same page because we are all in the same boat!!!!
No threats no rhetoric the time has come to take the U.K. to court protect Cayman.
Agreed!
If only CIG had the backbone…….
Jersey, Guernsey, Isle of Man are not being subjected to the same standards. I wonder why that is?
Because the UK cannot legislate over them by Orders-In-Council. But a good try at playing the discrimination card.
The reason is that England does not want The Cayman Islands as competitors to Isle of Man, Guernsey and Jersey. I think our government should put the money that would be spent on the dock and take the U.K. to court based on discrimination, constitutional overreach and despotism. THe U.K. Just had to apologize and one Minister resigned over the way they handled the ” windrush” people so they better save the template of that apology as they might have to use it again. I would encourage the government to continue doing business with the high standards they have been doing and do not back down. When every tom dick and Harry can Willy- nilly peer into our shareholders registers then we should all be allowed to peer into the registers of jersey, guernsey and Isle of Man. Until that day then they really need to leave us the hell alone. Imagine they would not even debate in their parliament, bringing their standards up to ours but they want to force us to open up our registers for all and sundry. As it has been for the last four/ five years our registers have been made available to legitimate courts when necessary which is more than they can say.
Discrimination – none. All BOTs are being treated on equal basis to the requirements in the UK. Constitutional over-reach – none. Parliament is supreme and can legislate as it wishes. Despotism – good luck.
I’m not convinced, requiring stricter rules of us than the UK screams overreach.
Yes, but you have no idea about the constitution of the UK.
Discrimination against all overseas territories. Treat us like jersey, guernsey and isles of man is being treated, until then it is glaringly discrimination.
Maybe because HMRC already has the ability to access their banking systems? That’s a big difference.
Because they are predominantly White
Like Cayman Brac !?
Even better – the UK register notionally declares the beneficial owners but they vote down an amendment that would require KYC on the declared owners. Cynical.
Tough talk from a weak Premier who is compromised and controlled by Whitehall.
Translation: The White boys are stopping play, grabbing their ball, and going home.
(Had you kept it real from the start you would have seen this coming from way down the road Alden.)
Love the UK as much as you want – but her true love is limited to her “own kind”.
Not hate. Not lies. Just simple and plain history.
I commend you Mr. Premier Alden McLaughlin. HOLD FAST.Cayman frirst.!!!!!!
Coming as it does from a country with some of the most racist and bigoted immigration laws anywhere in the world and which has given absolutely nothing to the UK whilst benefiting from Crown dependency status regarding its financial industry…………
Go independent then. It’s not difficult. UK would be glad to get rid of the hanger-ons.
None of that, it was our game to stop in the first place, the City of London’s to be precise, but don’t let the facts get in the way of a good ol’ chip on the shoulder victim mentality.
Or is just plain and simple racism?
Addendum:
– Whodatis
You hardly need to sign it; your victim drivel is unmistakable.
“Victim drivel” would be 90% of the posts by our expats aka immigrants as they moan about how terrible is the Cayman Islands – the place they never want to leave.
foh
– Who
Why do you have to make racist comments it’s that kind of talk that makes the U.K. think people are dumb in Cayman.
Don’t confuse the acknowledgement of historic and systemic racism as actual racism.
That’s like being regarded as a Nazi for mentioning Adolf Hitler.
Lastly, to your final point; are speaking of freshly Brexit-ed UK??
Is that the UK you are trying to impress?
I suggest you take a look around the world in which you are living, my friend.
– Who