Call for direct rule ‘absurd’, says Panton

| 06/04/2016 | 29 Comments
CNS Business

Jeremy Corbyn, Leader of the Labour Party

(CNS Business): Cayman’s financial services minister has dismissed as absurd the suggestion by the UK Leader of the Opposition, Jeremy Corbyn, that the British government should consider imposing direct rule on its overseas territories and dependencies if they do not comply with UK tax law. Corbyn was reacting to a massive leak from Panamanian law firm Mossack Fonseca, which had registered more than 100,000 secret firms to the British Virgin Islands.

Lumping all the BOTs together, Corbyn argued that the government should tell their governments, “Hang on, you are a government of a British dependent territory, a crown territory, you must obey UK tax law, you must not become a harbour for tax avoidance and tax evasion.” He added that direct rule could be done “almost immediately”.

Cayman’s compliance vastly superior to Panama’s

“To suggest that a democratically elected Government that is committed to transparency and good governance and which has demonstrated excellent results so far by the usual metrics, should be displaced by the suspension of a constitution adopted by the people is simply incomprehensible,” Financial Services Minister Wayne Panton said in response to the idea. “There would be no justification for such a draconian action.

“In fact, rather than generating additional tax revenue, such a move might create a multi-billion pound annual liability for the UK taxpayers in respect of Cayman alone. I cannot imagine they would welcome that,” he added.

The UK has in recent times imposed direct rule over one of its overseas territories, the Turks and Caicos Islands, after an inquiry found evidence of systemic corruption among the ruling elite. The islands’ autonomy was suspended in August 2009 until their government was restored after elections were held in November 2012.

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Category: Finance, Financial Services

Comments (29)

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  1. Anonymous says:

    CNS, Is that The Fawlty Towers hotel in the background?

  2. Anonymous says:

    Mr.Carbine is an officially certified headcase. I grew in England and there was always a nutter on every block, usually to be seen walking his dog in the rain on a regular basis and spouting on about “If they ever put me in charge I’d bloody well sort it out”. The Australian author and critic Clive James put it beautifully on the U.K. telly’s “What the Paper’s Say” with reference to the U.S. presidential candidate Ross Perot : “In the U.K. there’s a bloke like him on every block. The only difference is he hasn’t got any money”.

  3. Anonymous says:

    This clown belongs in Absurdistan

  4. Island Bundy says:

    Guys a moron not to be taken seriously. No chance of ever winning.

  5. Anonymous says:

    Suggest you view the full list Mr.Corbyn’s positions – which is why the Conservatives are looking towards a long stretch in power regardless. (Remember why Maggie was in for so long. It wasn’t that the electorate loved her there just wasn’t any viable alternative.)

  6. Anonymous says:

    Interestingly enough, the ICIJ website has all kinds of analysis of the leaked data, showing the top 10 jurisdictions involved. In the list of “top 10 tax havens”, Cayman doesn’t feature at all – unlike the UK which comes in at #10 and the US at #8. In fact Cayman is not mentioned at all in any of the analysis.

    As for Corbyn, he is either stupid or a nasty little fascist, neo-colonial charlatan. My money is on both.

  7. Shhhhhhhhhh. says:

    Does this joker not understand that money is like toothpaste, squeeze too hard and it finds somewhere else to go, meaning the economic consequences would be very negative. Also, which financial legal requirement of the UK are we not complying with, to be specific? Lets have SPECIFICS Mr. Corbyn, NOT generalized statements.

  8. Anonymous says:

    please…please save us……… just look at the mla’s…mac, kurt, ezzard, arden, alden, whogene, tara, juju, anthony, ozzie……….please save us….

  9. Anonymous says:

    Direct rule can be achieved readily if it is considered in the national ie British interest.

  10. SKEPTICAL says:

    When will CIG stand up and, at the least, point out that nowhere in the leaked Panama documents is there any mention of Cayman – and in the International Press, only as a default example of the “perception” of a Tax Haven. The silence is deafening, and to the World at large gives the impression of a deer caught in the headlights.

  11. SKEPTICAL says:

    Corbyn is a fool, who sees this situation as an opportunity to get back into the limelight. What academic qualifications does he possess that would enable him to understand the constitutional issues that would arise in consequence of what he is suggesting. Apart from the cost involved, and the years it would take to achieve, how many thousands of jobs in the OT’s would be lost in the process. His proposal would result in the destruction of the economies and societies of every Overseas Territory which presently is an Offshore Financial Centre.
    Thankfully, he is generally recognized for what he is – an empty vessel making the most sound.

  12. Anonymous says:

    Does that mean everyone can immediately go on the dole without having to fly over there?!

    • Shhhhhhhhhh. says:

      Yes 10.40 am. Ahhh goin get my numba and join de line!

    • Shhhhhhhhhh. says:

      Ohhh, and don’t forget all that free medical coverage. That is one of the many reasons why they need to be able to tax that “offshore” money! LOL.

    • Anonymous says:

      Yes, absolutely. Apparently Mr.Corbyn’s plan is for the U.K. tax payer’s money to be deposited into your local bank account every month for an indefinite period of time. You can check that the deposit has been made on your smart phone whilst relaxing on the beach using an app provided free of cost by the U.K. government. Any complaints about the system can be made directly to Governor at her residence on SMB.

  13. Anonymous says:

    Corbyn is a dinosaur short on fact and long on bluster. On the other hand CIG needs to issue a robust statement about Caymans compliance with all international laws. Bermuda did, it read well. When will these clowns start defending all the positive and good steps taken to eliminate Panamanian type activity and stand up for Cayman? It’s their job!

    • Shhhhhhhhhh. says:

      Corbyn has political “Foot-in-mouth-disease”, every time he opens his mouth, he puts his foot in it. The other day he wanted to scrap Britain’s nuclear submarine program. He has his own party members on edge because they do not know what China he is going to smash next, with his mouth. Don’t worry about him, because he is discrediting himself and his party every day in the UK.

  14. Anonymous says:

    Why cant we just say eff the Brits? Become independent, then take all their tax evading business, as well as the US’s. Make these 2 tyrants cut their own throats…

    • SKEPTICAL says:

      Fool – in the old days you could have been a Court Jester

    • Anonymous says:

      Corbyn needs to get his facts straight and understand that the Cayman Islands are not funded by the UK government. We have paid and are paying our way. No hand outs from his government.

    • Anonymous says:

      I know so many from the US who would love to see the cayman islands sink into depravity after the US would cut off all tourism, aid, trading, financial services, immigration, education…go right ahead and right after you have your fun in the sun the US will buy up your island for pennies on the dollar and kick out the trash.

      Take a look at all you have here in the Cayman Islands, I don’t see a “made in cayman” label on any of it…good luck.

      • Anonymous says:

        The faster it sinks the better.
        I can’t wait for direct rule filthy little creatures running around that think they can do as they please

      • Anonymous says:

        Ah yes, because only the US exists in the world….

        • Anonymous says:

          The bully of the entire world, going around killing people and when they retaliate, they they call them terrorist. The US should stay out of other countries business, that way they would be safer at home or abroad.

      • Anonymous says:

        Perfect example of a tyrant, thanks. Why do the US and UK make so much fuss about off shore centers, when they have their own centers in their own mother land? Is it because Cayman does a better job of it than they do? In business, if you have a competitor, you do your best to be better than them, not cry about it and try to get them shut down. Typical US and UK cry baby tyrant tactics.

      • Anonymous says:

        I’m sure they would, but instead of trying to see to it that we sink, why not fix your own depravity, trading, debt, financial services, immigration, education etc, after all, thats where fools like you come from, minding everyone elses business, going to another country and griping about everything instead of fixing the shithole that you come from first…awesome….

    • Anonymous says:

      Oh boy, don’t go there fool. The status quo may offer a few headaches, but it would be decapitation and disaster to let our corrupt politicians run this place without the UK. I have been to a dozen Caribbean islands that went that way… how many Sir? Sorry, it only brings financial woe and 2-party corrupt politics!

      As an ex-pat married to a white collar well traveled & well educated Caymanian (we the silent majority) KNOW that independence is only called for by politicians or the sheep that follow their stink.

      Unless you can show me a truly successful Caribbean nation that went independent in the last 25 years, please sit back down!!! (Jamaica, Bahamas, Barbados- great economies and no crime or literacy problems there eh???) We have too much to worry about (Crime and Education) to start talking nonsense about going it on our own- what? You wanna let our greedy elected fools take the purse?

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