Most Read Contributor in Cayman Islands, November 2016
(Thursday, 12 May 2016) - At the UK's Anti-Corruption Summit
today, Cayman Islands Premier, the Hon. Alden McLaughlin, called
for standards that are 'truly global' and inclusive of
countries that have significant political clout.
'In order to be successful, and to seriously tackle
corruption and not just pay lip service to it, we in this room and
beyond must be committed to creating a standard that is truly
global', he said. 'It is time to put behind us the shades
of hypocrisy which are part and parcel, and have been part and
parcel, of the global discussion of this issue for years and
'If those countries with real political clout on the world
stage continue to focus only on jurisdictions that are smaller in
size, while ignoring obvious jurisdictions which ought to be part
of the conversation, the result will be continued failure'.
Premier McLaughlin was one of small number of persons who was
invited to speak by summit organisers. Hosted by UK Prime Minister
David Cameron, who also chaired a number of sessions, the event
brought together representatives of more than 40 countries, who
represented politics, civil society, business and sports.
Accompanying the Premier to the summit was the Minister for
Financial Services, Wayne Panton. Also in attendance were US
Secretary of State John Kerry; IMF Managing Director Christine
Lagarde; President of Nigeria Muhammadu Buhari; President of
Afghanistan Ashraf Ghani; President of Colombia Juan Manuel Santos;
and Prime Minister of Norway Erna Solberg.
'My presence here, along with the Minister for Financial
Services, is clear evidence of our willingness to engage and to
help shape global standards in this fight', Premier McLaughlin
said. 'But this is not new; not new for us at all. For over 20
years we have shown our leadership role in this fight'.
Cayman's commitment, officially announced on 11 May, to
join the initiative for the development of a global standard for
the sharing of beneficial ownership information;
the 11 April announcement of the signing with the UK of an
Exchange of Notes and a Technical Protocol to enhance the sharing
of beneficial ownership information between relevant
Cayman's invitation to jurisdictions that are participating
in the initiative for the exchange of beneficial ownership
information to enter agreements with Cayman that are similar to the
Exchange of Notes that currently is in place between Cayman and the
36 tax information exchange agreements;
the Multilateral Convention, which allows tax exchange with
over 90 countries;
automatic exchange via the EU savings Directive, US FATCA &
UK FATCA; and the OECD's Common Reporting Standard;
the extension of the OECD Anti-Bribery Convention in 2010;
Cayman's expectation of the extension by the UK of the UN
Convention against Corruption, which it requested in 2013 and for
which Cayman already has been assessed as meeting the criteria.
'Because of these efforts, our credentials in the fight
against corruption cannot be seriously challenged', the Premier
said. 'I believe we've earned our seat at the table to be
part of the development of any new global standard'.
Premier McLaughlin's remarks on
* * * * *
(From left) Chief Minister of Jersey Ian Gorst; Chief Minister
of the Isle of Man Allan Bell; Chief Minister of Gibraltar Fabian
Picardo; Deputy Premier and Minister of Finance of Bermuda Bob
Richards; and Cayman Islands Premier Alden McLaughlin at the
Anti-Corruption Summit in London on Thursday, 12 May 2016.
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