(CMR)
OPPOSITION ISSUES STATEMENT ON UK MOVE TO MANDATE PUBLIC COMPANY REGISTERS
The Cayman Islands Members of the Opposition today issued a statement condemning the move by the UK Government that would require British Overseas Territories (BOTs), including the Cayman Islands, to make company registers open to the public.
Notably, this push by the UK Government does not include the British crown dependencies of Jersey, Guernsey, and the Isle of Man that operate international financial centers similar to the that of the Cayman Islands and other BOTs.
“The Opposition supports the Government in taking the necessary steps to defend our financial services industry against this Draconian and despotic overreach by the UK Parliament,” the statement said, adding: “This decision in the UK is being spearheaded by politicians that are ignorant of the provisions of the robust regulatory framework that exists in the Cayman Islands as well as of the role that international financial centers play in facilitating global trade and investment, particularly with regard to such integral sectors as pensions, infrastructure, insurance, and debt.”
The Opposition took the opportunity to renew its call for the creation of a National Strategic Plan as well as an update to the Development Plan as a way to strengthen the economic base of the Cayman Islands and its people: “While the UK politicians can blame the Overseas Territories for their failed policies, we will have no one to blame but ourselves if we fail to plan.”
As background to this move by the UK Parliament, the Cayman Islands has had in place since last year a centralized beneficial ownership register although it is not open to the public. The register does, however, provide law enforcement and tax authorities in the UK and elsewhere with ownership information within 24 hours or sooner.
The prospect of mandatory introduction of public registers among all BOTs follows an amendment to the Sanctions and Anti-Money Laundering Bill in the House of Commons Tuesday (May 1). The amendment would require the UK to take steps to impose an Order in Council that would mandate the introduction of a public register. In the Cayman Islands, Orders in Council are rarely implemented, the last two being the 2000 decriminalization of homosexuality and the 1991 abolishment of the death penalty.
The full statement of the Opposition reads as follows:
“The Opposition joins the Government in condemning this move by the UK Government in accepting an amendment to the Sanctions and Anti-Money Laundering Bill in the House of Commons that will be detrimental to the economies of the Cayman Islands and those of other Overseas Territories. This decision is also discriminatory as it exempts other British crown dependencies that compete with the Cayman Islands for international business, and if passed, will clearly give them and other countries a competitive advantage over the Cayman Islands
“This decision in the UK is being spearheaded by politicians that are ignorant of the provisions of the robust regulatory framework that exists in the Cayman Islands as well as of the role that international financial centers play in facilitating global trade and investment, particularly with regard to such integral sectors as pensions, infrastructure, insurance, and debt.
“The Opposition is calling for the UK political leadership to be truthful in explaining to the British people that the real reason behind this move is to mask the failure of government policies to improve the lives of the ordinary UK citizen. In short, successive UK governments have built a massive welfare system and no longer have the tax base necessary to sustain it. In a failed attempt to correct these economic miscalculations, they have sought to increase the flow of immigrants into the UK. That approach was rejected by the electorate, as evidenced by the Brexit vote.
“Many of these issues facing the UK and other countries in Europe could have been avoided if the political leadership had taken the time to plan their countries’ future.
“This is why the Cayman Islands Opposition has been calling for the creation of a National Strategic Plan as well as an update to the Development Plan. While the UK politicians can blame the Overseas Territories for their failed policies, we will have no one to blame but ourselves if we fail to plan.
“The Opposition supports the Government in taking the necessary steps to defend our financial services industry against this draconian and despotic overreach by the UK parliament.”
- Fascinated
- Happy
- Sad
- Angry
- Bored
- Afraid