Opposition stands ready to assist in EU Delisting Process

19 February 2020, 05:10 AM

Politics & Government

Members of the Opposition on Tuesday reaffirmed their commitment to assist the Government in their efforts to have the Cayman Islands removed from the European Union’s (EU) list of non-cooperative jurisdictions.

Opposition members met last week Thursday, February 13^th, 2020 with the Hon. Premier and Minister of Financial Services and the Leader of the Opposition, on behalf of his team, expressed solidarity with the Government in protecting the jurisdiction, particularly our Financial Services Sector.

Leader of the Opposition Hon. V. Arden McLean remains optimistic that the country could soon be de-listed due to recent legislative changes which were completed in early January 2020 with the Opposition’s support.

Mr. McLean stated that, “While it is unfortunate, that despite having made genuine efforts to address the concerns of the European Union, we still find ourselves on the list of un-cooperative jurisdictions, I am hopeful that this will soon be reversed.”. The Opposition Leader made note of the fact that the Cayman Islands have complied, in the past, with every demand and requirement aimed at the territory, including those coming from other organisations such as the OECD, FATF and CFATF.

Mr. McLean remains concerned that despite recent efforts by the Government, with the support of the Opposition and the private sector, the Economic and Financial Affairs Council (ECOFIN) recommended the listing.

“We need to ensure that we take a close look at the processes we employ when we are preparing and executing responses and solutions to these obligations. We must ensure that delays are kept to a minimum and that any proposed changes are implemented in a timely manner, and with the full support of the Industry. This is a classic example of how quickly things can become derailed with just a few weeks of delay.”.

Mr McLean added, “The country can rest assured that my team stands ready to do whatever is necessary, to not just address this latest listing of the Cayman Islands, but to also work with the Government to meet any future deadlines.”.