EU drops Cayman from black-list
(CNS): The Cayman Islands Government and the financial services sector were both breathing a sigh of relief, Tuesday, and not just because the islands dodged the path of a category 4 hurricane. The jurisdiction has been removed from the European Union’s black-list of non-cooperative jurisdictions, as hoped, after meeting the EU’s requirements regarding the supervision of investment funds.
“Cayman responded positively by expanding the scope of our funds regime to ensure that the Cayman Islands Monetary Authority, our financial services regulator, has the legal mandate to supervise all Cayman-based investment funds,” Premier McLaughlin said in a release about the delisting after Cayman was singled out in February.
He said Cayman remains fully committed to international tax good governance standards, and noted that the EU had joined the OECD in positively recognising Cayman’s tax regime.
Governor Martyn Roper said ministers and government officials as well as the private sector had worked tirelessly to get the jurisdiction removed from the list. “There was cooperation from a wide range of industry stakeholders who demonstrated a shared objective and collective resolve to support the jurisdiction’s removal from the list,” he said.
“Cayman engaged constructively and transparently with the European Commission. That included making additional changes to the law, in agreement with the Commission, to ensure it covered all the funds expected to be in scope. This approach had a big impact on the successful conclusion of the negotiations.”
Despite describing the removal as a “significant achievement”, the government was criticised for its tardy response to the EU requirements and missing the deadline by a matter of a week to meet the changes needed to the legislation here.
The governor said the UK had supported Cayman’s removal through the Foreign, Commonwealth and Development Office (FCDO), HM Treasury and his office. However, concerns remain in the offshore sector that with Brexit, Britain’s influence in cases like this will continue to diminish.
Stakeholders in the offshore sector welcomed the EU decision and the Alternative Investment Management Association AIMA said Cayman had developed its position as a leading international financial centre through an appropriate regulatory regime. Jack Inglis, AIMA CEO, said it was “good news for the alternatives industry, given the importance of the Cayman Islands as a fund and services centre globally”.
While getting off the blacklist was extremely important for the sector, the battle continues to ensure that Cayman not only remains up-to-date with international financial regime standards but also stays abreast of the many additional requirements.
The looming issue for the offshore sector here continues to be the impending imposition by the UK of a public beneficial ownership register before it becomes a global standard.
Category: Business, Financial Services
Using the private sector to money launder under the cover of COVID, that’s after the Crown forced the referendum and got the media to sway the leave vote.
It’s a filthy business that’s left to the Russians attacking Ukraine, the British public in huge debt with spiralling inflation and all just to save the dirty money gravy train.
Off it for now. Wait till the next financial stranglehold then we’ll be on it again before the confetti hits the ground. During these highly unstable times, it’s a small but welcome reprieve, but the noose is still very close.
I hope Tara don’t put us back on there!
So sick and tired of those bumbling Nimbies. They need to fix their failing countries and leave us the hell slone. Empty vessels!
Black list ?
Racist !
Great news, we can celebrate the achievement along with our soon to be failed state status.
This is the result of the private sector working together with CIG with a common goal.
Kudos to all involved.
It’s a result of the private sector bailing out the Civil Service, again.
8:28. Total rubbish and you know it.
Private sector should assist ; afterall they are the main suspects!
Result of passing the Domestic Partnership Law. I’m in favor of it but call it like it is.
Cayman should blacklist the EU bobo
…”oil tanker” and “pea-shooter” come to mind……
Possibly because too many people with influence in the EU (particularly in Eastern Europe) have money stashed away here?
Sounds kinda cool!
Commentary like that shows a total lack of knowledge, understanding but a whole heap of small mindless…..and plays right into the “John Grisham” narrative……..
Yeah – because the Russian and Ukrainian hoty money is in Cyprus, Malta and BVI lol
Russia and Ukraine are NOT / NOT members of the EU. Those are the 2 states who have citizens with money stashed here.
Institutional racism placed on hold .. for now.
Yep – no predominately white jurisdiction is ever on the list….(might come as a shock to some Caymanian!!)….
Aren’t we a predominantly white nation?
Predominantly mixed. Not predominantly white or black, but predominantly mixed.
Maybe da EU need ta eat some stew turtle
ya probly bobo
They banned that a long time ago BoBo – cultural relevance, or not…..
Another amazing achievement. I am so proud to be a civil servant.
Sad
Proud of the fact that we wouldn’t have had to go through this in the first place if the original submission hadn’t been a week late?
And a dollar short
How White of Them .
Yeah bobo!!!
Great news to hear. Well done to everyone involved.
We will be on a new list shortly. We simply don’t get what it is that the EU is trying to do. There will be no pleasing them until the jurisdiction is destroyed.
We shouldn’t have been on it in the first place. We really need to start thinking about how much longer we will be slaves to these colonialist masters particularly when they continue to not abide by their own rules but call us out and try to ruin us even when we are trying our best to do what is right and legal.
Of course we don’t have to apply the rules they dictate – but of course, if we don’t, we give up the right to sell our products and services in their jurisdiction.
Not many of them are buying what you are selling. Not your market.
We should not have been on the go-called “black list”, that bit is true…..but it was the Cayman law firms dragging their feet that caused the black listing coupled with a CIG that was as usual, too slow, too slavish/compliant to the Law firms and too inexperienced….Crickey – that film had a world premier a year earlier – it was called:
“Bermuda shows Cayman what NOT to do (get the drafting right II )”
…..and the other industry sectors got tarred with the same bush……..
Tara looked like she got a lot of grey hairs over this one.
#blacklistsmatter
11:47 you are disgusting. Not something to make a joke about.
Why not? It was her incompetence that landed us on the Blacklist, to begin with. She brought amendments to various laws after the imposed deadlines and thought the EU was going to accept her “hall pass”.