On Thursday (7 February), Premier Alden McLaughlin drew his line in the sand once again, adamant that the Cayman Islands should stay off the European Union’s blacklist and that the process needs to be fair to all.
On Thursday, in his first public address since his return from Europe, the Premier sent a message of defiance to those considering the list, which is still being formulated. The Premier said Cayman’s success in the financial services industry should not be undermined by external forces.
“Let me be absolutely clear: Cayman will comply with international standards and maintain transparency and exchange info to allow local tax and law enforcement agencies in other jurisdictions to do their jobs effectively,” Hon. Alden McLaughlin vowed.
“But,” he added, “we will not be bullied by those who are jealous of our success, resentful of tax policies and unable to compete with us on a level playing field.”
The Premier was speaking ahead of the first sessions of the Cayman Alternative Investment Summit (CAIS19) this morning at the Kimpton Seafire Resort. Mr. McLaughlin also set out a timescale for the creation of a Washington Cayman office.
“We anticipate opening an office in Washington, D.C. towards the end of 2020,” he stated. “We believe these steps will help us to advance our international reputation and make us easier to do business with and attract more inward investment,”he explained. The D.C.-based operation comes together with the opening of a Hong Kong office this year.
Both will fall under the new Ministry of International Trade, Investment, Aviation and Maritime Affairs. UK representative Eric Bush will be the new Chief Officer of that Ministry. He was confirmed officially on Monday (4 February).