Cayman finance offers backing to new government

| 05/06/2017 | 0 Comments

(CNS Business): The CEO of Cayman Finance, Jude Scott, has offered his backing to the new government and commended the premier, Alden McLaughlin. Congratulating all the successful candidates in a short statement, the boss of the body that promotes the offshore sector was clearly relieved that an agreement had been reached following a week of uncertainty.

“We believe a truly representative government for the Cayman Islands, involving representatives from both political parties and the independents, has been formed and for this, Premier Alden McLaughlin should be recognised,” Scott stated.

“As the primary body representing the Cayman Islands financial services industry, Cayman Finance looks forward to enhancing its relationship with the Cayman Islands Government and leveraging the good work already started to protect, promote, develop and grow the financial services industry in ways which will benefit all of Cayman’s economy in one way or another,” he added.

The relief that the uncertainty over the government has been resolved may be short lived, however, as the financial sector is likely to play a key part in anticipated legislation in the coming months, which may not run smoothly. The new ‘unity’ government faces its first test over the need to steer through a legal practitioners bill in a short space of time in preparation for the jurisdiction’s FATF review in November.

A highly controversial law which was derailed in the months before the general elections, and finding agreement on the composition of the legislation given the government’s line-up could prove extremely testing.

Decades of disagreement on this issue remain a long way from resolution. Major law firms are desperate for the modernisation of the law governing the profession for a catalog of business reasons but they continue to clash with smaller law firms, local attorneys and politicians, including some on the government as well as opposition benches, who are fighting to link the progress of Caymanian attorneys with the new legislation.

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Category: Finance, Financial Services

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