The Cayman Islands this week avoided being classified by the European Union as being among jurisdictions deemed to be uncooperative on tax and transparency matters. But, and there is a but, have been placed in a purgatory of sort by being told to continue hitting a shifting target.
So, while kudos are in order for those who have vigorously fought to ensure Cayman’s number one industry is protected and those making the necessary legislative and regulatory reforms, there is much work to be done.
There is still the prospect of Cayman being blacklisted over the troublesome issue of the European and British desire to ensure that registers containing beneficial ownership details of all companies registered here are publicly accessible. That’s despite Cayman already having a verified system that is open to law enforcement and relevant authorities worldwide.
There will be another review in the coming months to determine if the European Union will look more favourably at Cayman and other jurisdictions but with the target continuously moving, who knows what position they will take.
At Caymanian Times, we urge those in Government, CIMA and the financial services industry to continue doing what it takes to develop and protect the sector of the economy that provides the most revenue for government and provides upwards of 4,000 jobs for Caymanians. That’s in addition to several other spill over benefits to these islands.
We may be small but we are mighty. Cayman has been built up on the backs of decisions of wise men and women over the years. They did not build this foundation so our house could collapse today.
So while there are some sighs of relief in the Government Administration Building, there quite likely some nervous fingernail biting. The challenges will always prevail but should never be stronger than the desire of Cayman’s power brokers to ensure economic harm is not brought to these islands.