Premier back on the road in offshore fight

| 09/01/2019 | 23 Comments
Cayman News Service

Minister Tara Rivers and Premier Alden McLaughlin in London (file photo)

(CNS): Premier Alden McLaughlin left the Cayman Islands Wednesday, heading off on another UK-Euro-US trip to continue the work of keeping the jurisdiction from appearing on any more black-lists, as the fight to protect the financial sector here intensifies. McLaughlin, who has increasingly taken on the lead role in defending the offshore industry, despite having a financial services minister, will be promoting newly passed legislation designed to meet the new OECD standards and keep Cayman from the threat of the EU black-list, which is expected to be revealed next month, a brief release from his office stated.

Financial Services Minister Tara Rivers will be travelling with the premier, along with ministry technocrats and Attorney General Samuel Bulgin. They will all be attending meetings in London, Brussels and Paris. Following the European trip, the premier will speak at a Cayman Finance breakfast seminar in New York, where he and the delegation will promote Cayman’s offshore sector.

During the meetings in Europe the main talking point will be the continued efforts by this jurisdiction to meet international standards for the financial services industry and the legislative changes designed to ensure Cayman does not appear on the EU black-list or any others.

“They will outline the steps the Cayman Islands has taken to meet European Union requirements, reaffirm Cayman’s commitment to international standards and address any concerns of global partners,” officials stated.

In December the Legislative Assembly approved a new law dealing with the concept of ‘economic substance’ for exempted companies and made amendments to the existing companies legislation and the Local Companies Control Law, which government hopes will be seen as strengthening compliance with international standards.

The premier and Minister Rivers have both said over recent weeks that these amendments to local laws were all done following in-depth consultation with Cayman’s financial services industry, Cayman regulators, the OECD and the European Union.

Despite this, the Cayman Islands still found its way on to a black-list produced by the Dutch government at the end of December, just a few weeks after the new laws were passed. While a visit from OECD officials last week seemed to indicate that Cayman was in compliance with its requirements, the constantly evolving regulatory  landscape regarding international tax transparency creates uncertainty about whether or not that global regulator will continue to rate the jurisdiction as compliant enough when it makes a formal evaluation of Cayman later this year.

Meanwhile, the government has faced some criticism at home from some prominent players in the offshore sector for what has been described as the continued appeasement of demands from the onshore world that could threaten Cayman’s competitive advantage and still fail to satisfy the ever-changing international compliance standards and requirements.

In his address to parliament last month, however, the premier warned that while there are uncertainties about the impact the new legislation will have, without adapting to the changing international regulatory regimes and new global standards, Cayman will be in much deeper trouble.

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Category: Business, Financial Services

Comments (23)

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  1. ppm Bizzy Signal says:

    Alden stop wasting our money on useless trips talking to useless people who are just as useless as you!

  2. Unknown says:

    So I think I count (5) trips from the Cayman contingent last year, to London and rest of europe and (1) trip from the UK contingent last to cayman. All of which is funded by the Cayman Islands. Now! Here’s a dumb question! What is use (purpose)of the Cayman UK office? Other BOTC’s have similar financial product, such has that of the Cayman Islands, but they don’t have an office in the u.k.

    Now! If we are passing laws in the Cayman islands, as means of sustaining our industry, why would take the priemer, and Cayman contingent to promote or deliver the aspects of law to wider financial or global community?

    The next important question is, are we getting good value for money? Here is how I look at it, we had one premier, taking our money to gamble in fancy las-vagas hotels, now we have another who simple have develop the traveling bug, for him and is close compatriots at the expense of the people of the Cayman Islands.

    I would not be surprised if he ends up in Iraq or Afghanistan or even Kuwait next!

    Mr. Premier, it’s time you give the people of the Cayman Islands, good value for money. Use the services and resources at your disposal, you have an office here, you have created laws to defend our industry, now educate your team here, let them take the message to rest of world.. ” you have ask this of us, here we have delivered! Why do you and 10 others, have travel to carry the same message?

    Just how much money is ” budgeted” each year for all these traveling? If my memory served me correctly, one trip paid by the Cayman government cost us in excess of 21,000.

    I, pray sir, that you stop this behaviour at once. Cayman people, it’s time you called a spade, spade” and put a stop to this madness. This gentleman have gotten himself the tracing bug and he is going to spend every dollar of propft the Cayman Islands earn on his passion, whatever monies Cayman make in all industries is going right back into fueling this man passion.

    • Anonymous says:

      The Falklands, Gibraltar, TCI, BVI, and Bermuda all have London offices. I stopped reading your comment after you stated otherwise.

  3. Anonymous says:

    More frequent flyer miles is all that is going to result from this

  4. Anonymous says:

    Honorable Premier you are doing us proud! Safe travel our wonderful leader.

  5. Anonymous says:

    This is all smoke and mirrors. Politics is a nefarious game designed to trick people into thinking that change will happen.
    Political change never happens unless for the worse.
    Laws and borders make nations. The globalists are controlling the politicians to ensure that patriotism and nationalism are a thing of the past.
    In the UK, it is nigh on illegal to fly your colours to demonstrate national pride.
    Minorities seem to be exempt and the good and decent British folk are left shaking their heads in confusion.
    This is the ONLY reason why they voted for Brexit. They wanted autonomy over their own country, the one their forefathers fought and died for only for the bankers and polticians respectively to fund and execute treachery in the press and in local government.
    The same thing is happening in Cayman, but alas, I fear it is too late.
    Cayman has been torn from the hands of the Caymanians by similar nefarious elements. Try to stand up for your own people in today’s world and you are labelled as a bigot and a hater.

    My mother taught me that whenever I am a guest in someone else’s house, I obey their rules. I don’t tell them how to wash their dishes and I don’t help myself to their refrigerator unless the ok is given.
    I make my bed and leave the bathrooms as I found them. I offer to wash the dishes and I don’t decide what is on TV unless invited.

    Perhaps some folk need to have a little more respect and humility when welcomed into other people’s houses?

    Politicians of the Cayman Islands, your forefathers are ashamed of you. You gave the house away.

  6. Anonymous says:

    List of useless ministers

    Jon Jon

    Seriously do not see what they are doing

  7. Anonymous says:

    Safe travels money well spent.

  8. Anonymous says:

    What is there left to give away?

  9. Anonymous says:

    What exactly being black listed mean- personally I think diddly-squat!,

  10. Anonymous says:

    How much will Alden and his mates spend on this extended trip?

  11. Anonymous says:

    Trump should attend.
    He will eventually straighten out offshores.
    He will hear about the meetings.

  12. Anonymous says:

    I wouldn’t really describe this as a “fight”.

    More like heading to the EU “hat in hand” begging to receive next round of orders. At least they’re being wined and dined in first class fashion.

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