The Cayman Islands Law Society and the Caymanian Bar Association have endorsed the anti-corruption statement released by UK and Irish professional bodies including The Law Society of England and Wales, the Institute of Chartered Accountants in England and Wales, and the Society of Trust and Estate Practitioners.
The statement was released on 11 May, the day prior to the Anti-Corruption Summit hosted by UK Prime Minister David Cameron on Thursday 12 May and attended by Cayman Islands Premier Hon Alden McLaughlin and Minister for Financial Services Hon Wayne Panton.
Alasdair Robertson, President of the Cayman Islands Law Society said “Financial crime is a serious global problem that requires a unified legal and law enforcement response. The Cayman Islands legal professionis committed, alongside its colleagues in the UK, to fight against corruption in all forms.”
Abraham Thoppil, President of the Caymanian Bar Association, added “The Cayman Islands has a strong record of promoting transparency through close collaboration and compliance with the relevant global regulatory bodies, in line with international standards and we, alongside our partners in the Cayman Islands, will continue to work to promote effective transparency and cross border cooperation in order to encourage global tax compliance and to ensure Cayman is trusted as a well regulated, cooperative and transparent jurisdiction.”
A joint press release from both local legal profession bodies said, “Members of the Cayman Islands Law Society and the Caymanian Bar Association have, for many decades, played a key role in assisting the Cayman Islands government to develop and implement legislation that promotes effective transparency and cross border cooperation with law enforcement and tax authorities. This legislation meets, and in many cases exceeds, international regulatory standards and comparable regimes in G20 countries.”
The 11 May statement said, in part, “We stand united in the fight against corruption in all its forms and are committed to sharing knowledge, skills and intelligence with our fellow professionals and with all agencies fighting this cause.”
The co-signatories to this statement were The Law Society of England and Wales; The Institute of Chartered Accountants in England and Wales, The Society of Trust and Estate Practitioners; The Law Society of Northern Ireland; The Association of Accounting Technicians; The Law Society of Scotland; The International Federation of Accountants; The Association of Chartered Certified Accountants; The Chartered Institute of Public Finance and Accountancy; The Institute of Chartered Accountants of Scotland; Chartered Accountants Ireland, The Chartered Institute of Management Accountants; The Association of Taxation Technicians; The Association of International Accountants; The Chartered Institute of Taxation; The International Association of Book-Keepers; The Institute of Certified Bookkeepers; The Institute of Financial Accountants; and UK200.
The Cayman Islands Law Society (“Law Society”) is the professional association that represents the entire private sector legal profession of the Cayman Islands. Membership is open to persons who are admitted as Cayman Islands attorneys-at-law. The Law Society currently has over 400 members.
The Caymanian Bar Association was established in 1988 after senior Caymanian attorneys perceived the need for an organisation to address issues of particular relevance to Caymanian attorneys and effectively to represent the views of Caymanian attorneys who were, and are, a minority in the profession in the Cayman Islands. To that end, all Caymanians (as defined in the Immigration Law (2015 Revision)), who are admitted to practise as an attorney in the Cayman Islands and possess a current practising certificate, are eligible to be members of the CBA. Most Caymanian attorneys that are eligible have joined the CBA, and today it represents the interests of more than 200 Caymanian attorneys.
The Cayman Islands has international agreements to share tax information with authorities in nearly 90 other countries. The jurisdiction is recognised by the Organization for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF) and other international bodies as having transparency and standards consistent with those of other major developed countries. The Cayman Islands is Financial Action Task Force (FATF) compliant jurisdiction and has accepted the FATF Forty Recommendations on the Prevention of Money Laundering and Nine Special Recommendations on Countering Terrorist Financing. The Cayman Islands is also a member of the Caribbean Financial Action Task Force (CFATF).