Opposition calls for UK media campaign
MLA Chris Saunders in the LA
(CNS): The opposition is urging the government to engage in a targeted media campaign in the UK to tell the Cayman Islands’ story and engage the people there in influencing their representatives. Chris Saunders, the opposition spokesperson, said government should begin a sustained public information initiative designed to reach the mainstream media and NGOs and other special interest groups in the UK. “It is important that we seek to engender broad understandings of all sides of this issue, especially among the British public, in order to equip them to influence their representatives,” he said.
The recent passage of the Sanctions and Anti-Money Laundering Bill in the UK mandates that the British Overseas Territories implement a public beneficial ownership register by the end of 2020. The opposition has committed to working with the government to resist the imposition and meet the constitutional and other challenges that it presents. Saunders is urging government to go further in its efforts to explain to the British public that Cayman is a well-regulated, cooperative jurisdiction and that a public register will place the jurisdiction at a distinct disadvantage.
“The Cayman Islands’ well-established reputation as a trail blazer in international standards is a story that is still not being widely enough known and extolled,” Saunders said in a statement on behalf of the opposition and its plans to work with government on this issue.
“We are not fundamentally opposed to a public registry, although we have our doubts about its usefulness. Rather, we are concerned about the advantage that it would give our competitors at a time when no other country, including the UK Crown Dependencies, are required to institute a public registry,” he added.
Saunders noted that overseas territories minister Lord Ahmad said publicly in his presentation to the House of Lords that the BOTs’ provisions with regard to existing beneficial ownership registers surpass international standards.
He said government must pull together a joint public and private sector strategic planning group comprising the best minds to examine and explore all opportunities to maximize our advantage in the context of a public ownership register.
“Beyond those efforts, we join the government in seeking dialogue with the UK about constitutional change that would either eliminate the Order-in-Council powers or severely restrict their use and clearly defining when it can be employed,” Saunders said in the statement. “In line with this, we need to properly prepare our people for constitutional advancement as it is now clear that the UK voters will have a say in impacting the future relationship between the UK and the Cayman Islands… All Caymanians must begin thinking about and discussing our options here at home,” he said.
“We are not of the view that we should capitulate,” he stated, adding that the opposition supports the government’s position, as he implied that the “usual unproductive” politics had no place in matters of national importance, as he called on everyone to join forces to work together.
Lord Ahmad is expected in Cayman on Wednesday, when the issue will be at the top of the agenda. However, the premier has already made it clear that Cayman will not be doing any work towards implementing the public register and government has taken the position that it will fight any Order-in-Council that would impose the necessary legislation in the local courts.
Category: Business, Financial Services, Politics
Stupid idea. The only people who care about Cayman in the UK are the cretinous left whose minds were made up 20 movies ago. How you going to compete with every movie and TV program where the baddie sends the drug money to a “numbered account in the Caymans.” What should have happened a long time ago is an aggressive legal campaign against studios and producers defaming the islands.
Great post 2:49. Thank you.
“A day late and a dollah short”: Per the Fifth Anti-Money Laundering Directive, all of the EU must adopt a public “beneficial ownership” register, along these lines, by December 2019, regardless of Brexit. We are simply part of the undertow of that wave.
The UK’s Sanctions and Anti-Money Laundering Bill has already received the Queen’s royal ascent and is now Statue. BOTs should only take issue with the amendment concerning them, inserted at §51 on pages 43-44.
http://www.legislation.gov.uk/ukpga/2018/13/pdfs/ukpga_20180013_en.pdf
In that regard, per §51 (7), we should only be legally obliged to provide information broadly equivalent to the UK’s Persons of Significant Control Regime, in accordance with the provisions of Part 21A of the Companies Act 2006.
The PSC register identifies the individuals who ultimately own OR control more than 25% of a company’s shares (or more than 25% of an LLP’s assets), more than 25% of the company/LLP’s voting rights, or who otherwise exercise control over the company or LLP and its management.
Given that the individual or individuals who control a company are often very different from those listed on the register of members, the PSC register does not necessarily conform or equate to a shareholder/membership register of Ultimate Beneficial Owners (UBOs). Nominees can still front for UBOs in the UK. Trusts are exempt. Plenty of serious FATF flaws in the PSC regime which Global Witness are now pointing out in hindsight. By contrast, our proposed UBO Register, for launch this summer, would already have been much more honest and reliable disclosure than anything in the UK’s PSC realm, or anything offered by their competitor EU members.
The UK Bill is just the starting point, the definitions will be supplemented and improved without any impediment.
I consistently watch the news trying to find out what it is exactly the Premier plan to do? What exactly has Chris Saunders agreed to? Someone needs to tell us.
Please refrain from quoting anything that Lord Ahmad said. It is not worth repeating. He agrees that our registers surpass international standards but he did not have the guts to vote against the motion. He is biased towards the overseas territories and I find his actions and his words are as far apart as the north and south poles. Don’t know about anyone else but I find it very insensitive and whimpy!
I understand the theory here but it is very highly unlikely to have any practical effect as most voters in the UK could care less about our plight. Better to spend that money locally on legal representation to challenge this…and any other number of needed local infrastructure / education needs.
Agree with you 2.37 pm. The UK public have their own personal battles to fight and most do not even know what a BOT is, let alone care about them. Paying for top flight constitutional advice should give the best return on the dollar.
Agree with you 2.37 pm. The UK public have their own battles to fight presently, and most do not even know what a BOT is, let alone care a damn about their financial issues. After decades of media and Hollywood labelling. we are all “money launderers”. The best value for our money here is in securing top flight constitutional and legal advice. Believe it or not, there is a lot of sympathy for our case in the UK House of Lords.
For years we have rolled over and played dead and allowed a tide of ignorance to roll over us. Absolutely nothing has been done to inform mainstream media — even here in Cayman —about the role that financial centers such as the Cayman Islands play and how they have striven to become far better regulated and protected against abuse than centers like NY and London.
Isn’t it time to try?
I know that the British press is by and large a rag tag mess of scavengers, but a well targeted programme of informing the media that matter will ultimately break through.
Everyday we are hit on TV and on the web with messages from business about their products. Why? Because it works.
And by the way, in today’s Compass, we are treated for the second time in a matter of weeks about another brilliant move by “Mr. Trump”, despite his despicable character flaws and mental paucity. Why? it is part of a deliberate effort to influence us. And where is this coming from? The offshore editors hired by Legge who really have little knowledge about us and interest in our well being.
That is another story, but you see how it works.
And by the way, what is sad in the Compass’s case is that we are actually paying these offshore guys to spew this stuff.
Sitting ducks.
2:37: it is a well established fact that well targeted messages do work. Why do you think that Trump keeps repeating his anti-media campaign with such slogans as “the failing NY Times”? And treats his opponents with such labels as “crooked Hillary”?
No chance at all. This will never be repealed because it’s already too late. The UK public will only see the huge fortunes amassed by those who use the Cayman Islands for their business and personal tax avoidance and ask why that money isn’t going into the health service and welfare system in the form of taxation.
Whether the argument is right or wrong or whether it is too simplistic, successive CIG’s have avoided the subject for too long, burying their heads in the sand as is the norm for these islands. The UK public won’t be sympathetic, don’t delude yourselves.
Your argument for a legal challenge is more convincing, but almost certainly doomed to failure as this is an EU and US policy that will ultimately take effect like it or not.
From what I have seen, heard and read, it appears that Saunders is spending a lot of time supporting the Government but not providing a critical eye to what they are doing or not doing. I understand that all need to be united on this issue, but there is more than one way to solve the problem and the Opposition needs to spend a bit more time presenting alternative views and solutions instead of supporting the Governments plan which seems lacking. Challenging this in court wont work, neither will a costly PR push at this late stage, the horse left the stable long time ago and he isn’t coming back. Think harder Chris, that’s what Opposition are expected to do, dont be so quick to jump on the Government bandwagon, it may be hitched to a donkey or mule and right now we need a Stallion.
I am not so sure that challenging in courts won’t work. But if it doesn’t, at least it will buy some time.
How I read Saunders comment about media outreach is that we need to begin a public information exercise. It won’t turn things around now, but we don’t know what could be achieved in two years and beyond.
I do think that we have neglected this area and nature abhors a vacuum.
On the score of supporting the govt, I am ok with dropping the gloves im this case. It would weaken our national response to have too much division st home. A house divided against itself cannot stand.
Yes, Observer, when we launched our financial industry many years ago no one knew about us so we had initiatives in place to get the word out — we sponsored journalists to visit, produced brochures, reached out to international media.
That obviously worked — but these days we don’t seem to be making any proactive efforts at all!
I can not begin to tell you how much I disagree with you.
For the most part all is heard about Cayman is the laundering of money. I think with a well designed campaign we could show the world where most of the money is ACTUALLY LAUNDERED. We could show the world HOW STRICT our processes are. We could show the world HOW SOFT other jurisdictions are.
I think for far too long we have faced everything with kid gloves on and I think we need pull the gloves off and tell and show the world what they don’t want seen. The fact that we are merely a scapecoat for piss poor policies and spending habits.
We need show the UK Public that our system is far more advanced than their own. How far we are ahead of other countries.
If done correctly it WILL STRIKE HOME!!!
Caymanian, my dear friend, you are completely delusional if you seriously believe anyone in the UK sympathises with your plight. Simply put, you’ve taken the laundered money, you’ve facilitated wide spread tax evasion and avoidance for decades, and you’ve done very well out of it.
But now it stops.
When this news broke last week all we heard from your countrymen was nationalistic insults and screams of independence. Well the shoe is on the other foot now you want support for your cause from the very same people you claim oppress and dictate to you from afar.
You have been warned many, many times that the financial services industry is coming to a cross roads in its history. You were warned to build your tourism and service product to facilitate a growing travelling public market, but you did nothing, you just sat around and waited until Dart saw the gap in the market and filled it. And still you whine.
And if proof were needed of your complicity, the very person who is saving your asses from oblivion, Dart, was once not welcome in his home country until he settled his tax dues. Can you see the duplicity in your argument?
How about you start looking at every single private residence on these islands that have been paid for by large overseas drafts or through ‘Cayman’ registered companies owned by foreign interests. Where do you think this money comes from, and don’t even attempt to deny it’s not money that has been deliberately siphoned away from the US and UK tax authorities, because no one will believe you. Why do you think there are so many unoccupied houses and condos here?
So good luck trying to convince a UK public that is looking towards saving money for its own future after Brexit, looking towards caring for an aging and growing population and rebuilding its depleted armed forces in the face of a more assertive Russia.
Caymans history is tainted with historic and systemic financial suspicion in the UK, US and Europe. It’ll take a lot more than a press campaign, (who nobody trusts anyway) to convince a cynical public that you deserve their support.
It will be waste of time as most people in UK believe Cayman is tax heaven which it is wrong. We are not Tax Heaven as we only offer very low tax in cayman and we are one of the best to cooperation with international governments.
Tell that to the children of the UK that have received poor quality education or health care because the trusts and corporations of the Caymans and other havens have let the wealth move capital offshore to hide from taxation.
Poor quality of education? Considering all the rhetoric coming from some of you people one would have thought that every Brit had top drawer education and we the islanders are mostly uneducated! Wow, who would have thought that?
“you people”?
The same multinationals and institutional investors that donate and control politicians in the UK, USA, EU and G8 countries. They should amend the relevant tax codes for the jurisdiction instead of just accepting the campaign financing from the same ultra high net worth clients and corporations that have legally set up subsidiaries in the BOT’s and Crown Dependencies.
This is all hypocrisy and deflection from the root problems and it’s easy to blame black led countries that in their minds should have no place in the global finance business. This is institutionalized and political bigotry of the highest order.
Exactly, Eyes Wise Shut: the natives have had the temerity to sit at the global financial table as equals. That must hurt.
You’re not a black led country, look around you, you are at best a multi ethnic society. Using the race card just continues to bebase your argument and gives succour to those who may think along those narrow minded lines.
And as for politicians, you seriously believe Obama, Rice or Powell didn’t take money from the very same multi nationals?
This is much bigger than black and white, it’s about geo political power, especially where Russia is concerned, and claiming back the billions in lost revenue lost to evasion and avoidance.
The British were merciless when their colonial imperialist policies exploited “the natives” around the globe and enriched themselves at home.
I have no pity to give them. They shamelessly scavenged countries around the globe, relegating those populations as unworthy of having the same rights to the same education and future. Until they had to be driven out. Where was their pity for the “natives” then?
As for how international financial centers have worked to their detriment, I am sure that there are equally good arguments about how centers such as Cayman have contributed to global financial stability.
The tables have turned. And their envy is palpable.
And I doubt very much in any case that financial centers have anything to do with the state of British education.
What a stupid argument to make when you are attempting to garner sympathy.
These islands were never colonised for anything but turtle meat and rope, which the original white settlers from the UK and Jamaica traded for revenue. There certainly weren’t any ‘natives’, unless you include turtles, blue iguanas etc…..
The financial services industry is an international entity and can go as quickly as it came from London in the 60’s if conditions are not right here on Cayman. Don’t kid yourself that you are in control, that is way beyond your expertise and financial clout.
As for your rant in regard to British history. Emancipation is 200 years old and you’re still blaming everyone but youselves for not getting your shit together. You were given the entire continent of Africa with all its wealth by the colonial powers after WWII and have continued with your default setting of corruption, slaughter and political thuggery ever since.
The same in Jamaica, what a beacon of success that has been?
So don’t lecture us on history when your own is soaked in the blood of your own people from the villages of Africa to the South Side of Chicago, to the slums of Brazil and the streets of London you have failed to convince anyone that you can be trusted on the world stage, let alone police its international finances.
Try travelling a bit, especially to Africa, go see how your eutopian world is working in practice and let me know what you see. I can guarantee you it’s not all brotherly love and honest governance. Be glad for what you’ve got, the alternative is dangerous.
Wow…your first 3 paragraphs were accurate but then you devolved into that racist bs. You cannot possibly be a student of history and come to the conclusion that Europeans and Americans have not significantly contributed to the destabilization of indigenous communities around the world. You might be able to blame victims of institutionalized racism but in all good conscience I cannot.
Exactly smh.
And by the way 6:32 the poster to which you responded said nothing about Cayman so we were not necessarily included.
However, the U.K. did very little for Cayman — so we may not have had very much to exploit to add insult to injury.
Wherever the British went they left degradation in their wake. Whole populations relegated to citizenry on the lowest rung.
You are just plain living in denial or dumb if you think that sort of neglect and exploitation does not leave a lasting legacy.
6:32 — It is the truth. And I really don’t care to get the sympathy of the British.
Someone did their homework. A+
Hoping others can read and re read your comment for clarity.
It took a native Jamaican Norman Manley to begin to right egregious exploitation of Jamaica and Jamaicans by for the first time making secondary education accessible to the masses.
Today we continue to struggle with the impacts of that painful legacy.
Forgive me if I don’t shed a tear for the plight of the British who may suffer from their own mismanagement.
Well they’ve certainly done a great job of restoring Jamaica since independence….Independence from prosperity that is.
2:43 pm: Jamaica’s problems are complex— but just to be clear, it has nothing to do with independence per se.
But I can tell you, were it not for efforts back into the 60s to right the exploitative wrongs of the British, Jamaica today with all its problems would not be a patch on that hell on earth.
The legacy of slavery and exploitation lives on, 2:43 pm.
More drivel. Keep being scared of the Cayman boogeyman. Next thyear no you know we will actually be eating your children!
XXXXing in the wind. XXXXing in the wind.
Yes, into a strong headwind, it will be sure to come back on us.
Let’s add more insult to injury.
how about giving your civil servants a raise that is more realistic along the lines of cost of living????
How about a co-pay on health insurance first?
How about doing some work first?
The hundreds of millions in exempt company and related permit revenues are what are used to pay for your non-accountable 9-5 jobs, whatever those are.
How about ensuring by strict enforcement that civil servants put a solid year’s work in, don’t take their allowed sick days, just because they can, show up to work on time, actually earn their paycheck. No, didn’t think so, just show me the money!
12:20 — every time I read your post and the ones that follow I crack up. So funny. Thanks for the laugh.
Education reform > UK propaganda campaign
Education reform > cruise berth
Education reform > pretty much anything else cig or opposition wants to spend money on.
Get your heads out of your asses and make the education of future generations a priority instead of finding creative ways to waste time and money.
The best PR step would be to get going on those public registers, bobo.
The UK’s PSC Regime offers a public register of controlling nominee bullshit, whereas our agreed Controlled-Access Register offers access to the truth (the actual controlling UBOs). Can you guess which of those lists is more transparent in regards to the FATF’s global PCMLATF initiatives? Maybe we just back it up a notch, and propose to do the same, and Global Witness and ICIJ will have another public list of Nominee BS to scour through…bon appétit.
11:22 am –if you had been reading these comments carefully—such as 3:02 pm on 28th—— you would have learned that the UK register does not provide any meaningful information—it does not give the information on beneficial owners, which is what is being required of us by the UK. They don’t do it, and they are not requiring the Crown Dependencies to do it, the FATF does not require its member countries to do so—so why us?
Also, I have been informed that the UK register fails even more egregiously—the information on their register is unverified.
One of the major reasons that countries shy away from an open register is the matters of privacy. And I am sure that there are other just as important reasons.
But in any case, why should the BOTs be picked if no one else is willing to institute public registers of the type they are stipulating? Just doesn’t make sense.
No—don’t do it!!!! And fight it the whole way. It springs from sheer ignorance and block headedness on the part of the UK.
I, for one, am no longer prepared to refer to the UK as the “Mother Country.” I forgave Ivan but this is a bridge way too far.
Completely agree. We make no effort to win over the average person and Cayman continues to be a punchline for corruption in the UK etc.
Nothing is more important to the U.K.
people and it’s politicians than Brexit at this time. They don’t give a shit or couldn’t care less about what’s happening here in the Caribbean, other than wanting to come here and drink Rum, enjoy the Sea, Sand, Sun and have Fun.
Spending money in the UK
media will be a waste of local funds, which should be used to fight the matter in our local courts or in the European Court of Justice. (Same as we did before and won)
Hear Hear
Using funds for a sunny island (no matter how legit and better finance laws than UK) will certainly fall flat or completely backfire!!!
You are going to “poke” a Brexit-torn UK which already has voted against foreigners to embrace their little tax island? No way.
This is another marketing buddy in politics pushing local politicians for contract work,nothing more. (I’m still sad we gave away the Cayman Airways magazine to USA printer pals?) I only see a buddy brown bag poorly thought-out marketing spend Christopher….
We don’t need a media campaign. We have elected officials that we PAY to lobby on our behalf so start making phone calls and emails dear elected officials. We expect to see your contact lists and please show your work (teacher.)
Do you even know what the ECJ does?
I like the Turks & Caicos term “Belonger”. It denotes someone who is genuinely interested, fits in culturally, and really cares. You are spot on Belonger. Do not waste money on a broad brush PR campaign in the UK. That is not where the battle will be won or lost. It is a legal / constitutional matter to be decided in the appropriate court, using the best legal minds.
Media campaign mann you cant make this s#@% up! Yes spend our money on futility and give some connected to our politicos media group loads of Dosh we don’t have. Really Saunders is that the best you can come up with.
Don’t waste the money. Tax havens which help the rich and corrupt keep their wealth from taxation so the poor pay more and suffer are not top of the pity list.
10:18 am — you are behind the times — there are now numerous channels on exchange of information with tax authorities. There are also numerous advantages to creating wealth around the globe from which citizens benefit.
We need to hire (a decade belatedly) professional political lobbyist firms to deliver some points to UK lawmakers (not necessarily the media, or private citizens whose minds are closed and already decided).
1. The Tax Neutral Universe is Large and Competitive: there are close to 100 “offshore financial centers” globally. Some of the BOTs play a vital leadership role in that world. Applying disproportionate disclosure requirements to a handful of already willing, tax and legally compliant British Overseas Territories, is not fair, and does not improve the long term outlook for transparency.
2. Public Registry won’t achieve desired result: any contemporaneous bad actors in the system (if they exist at all) would simply have two years to re-domicile their affairs in advance of any proposed public registry. We ALL want to catch these people, not propel them deeper into the woodwork. Let’s work on the definitions of “legal disclosure” to help law enforcement find and punish those that might abuse the system.
3. Violation of UN Rights: See Article 12 of the Universal Declaration of Human Rights. Alongside their countrymen, many BOTC, and commonwealth soldiers sacrificed their lives upon the alter of freedom to enshrine these fundamental rights. History should read that the UK upheld these fundamental rights, rather than repealing them disproportionately, and without balanced advice, or with consultation – simply for political expedience.
4. Unintended Consequences: offshore companies contribute about 50% of GDP for 500,000 BOT residents. Compromising the financial self-sufficiency of these territories carries serious responsibilities. It will likely lead to an unprecedented social security burden that UK voters will universally resent.
These guys just love pissing money away.
More hot air blowing in direct from Kingston.
We need to be represented by Tim Ridley and Tony Travers. Both excellent highly intelligent and experienced advocates for our cause.
Please add Mr. Paget- Brown to the list.
Not Travers. His arrogance is so annoying he is counter-productive in any role representing Cayman.
You have obviously never spoken to Travers but do attend at his office at 9.30am tomorrow morning for a familiarization seminar on this and other important issues in relation to which you clearly need an education.
Danielle Parker
On that D huh lol shout out to all the legal secretaries doing the same thing..tosh.
A media campaign in the UK would be a waste of money, most voters view the tax havens as a haven for tax dodgers and have little sympathy with their Governments, and in any event are far more concerned with Brexit as that will affect all of them.
“Say it like it is”: That is why we need it — to change those very perceptions — it is not easy, but it is worth a try to find ways of communicating the truth about financial centres such as the Cayman Islands.
The mainstream media has done a good job of distorting our image among voters — and much of that is because they are simply biased and uninformed — that is why voters have those ended up with those unfounded perceptions.
Rome was not built in a day — while it may not change much for this particular initiative, there will be others, believe me.
In any event, the perceptions about the Cayman Islands’ financial services industry matter — because it reflects on the Cayman Islands’ reputation — and that means the perceptions about you and me.
“most voters view” – This would be the purpose of the campaign; to change general views to show we aren’t big bad bankers. If you change the impressions of the voters, the leaders are less likely campaign for it as it wouldn’t generate as much support in their voter base.
You do not have enough money to convince 60,000,000 people of anything.
in other words, spend a ton of money on lobyist’s in order to attempt to change the uk government present line of thinking? sorry cayman, you dont have that kind of money!!?
Lobbyists are persons who target legislators — the article spoke to informing voters so that they can influence their representatives. Read it again.
Too late Bono.