(CNS Business): Premier Alden McLaughlin told an audience of British lawyers that the Cayman Islands will not only survive in these “times of uncertainty” but its financial sector, constitution and adherence to the rule of law will ensure that it thrives. “As a jurisdiction, Cayman has always ensured that it kept, and keeps, up-to-date with emerging trends, reacting swiftly to ensure that the legal framework evolves accordingly and institutional confidence is preserved and always operating based on ethical principles,” he said during an address in London.
Delivering the keynote speech at the Blackstone Chambers’ annual lawyers conference, McLaughlin delivered a full history lesson to the attorneys about Cayman but pointed to the importance of its modern constitution and the adoption of relevant international standards that has promoted offshore business and given Cayman the highest GDP in the region.
He said that “the introduction of sensible and balanced regulation as circumstances demanded” had “generated good and indeed sustainable business”.
Speaking about proportionality in regulation, he said Cayman likes to be satisfied that it is necessary, appropriate and proportional with benefits outweighing the costs.
“This should not be taken to mean that we are reluctant to adopt international best practice; rather that where appropriate and with due sensitivity towards the right to privacy of personal financial information, we seek to be at the forefront of these developments,” he said.
The ongoing legislative agility, he said, “was evidenced by the packed legislative schedule” ahead of the election, where new laws include those on beneficial ownership to provide a secure way for the authorities to search information when necessary.