At a dinner hosted by the Financial Secretary of the Cayman Islands, Baroness Symons, the Parliamentary Under-Secretary of State for the Foreign Office responsible for Overseas Territories congratulated the Cayman Islands on the successful development of its finance industry into one of the largest and most sophisticated centres in the world. She also commented favourably on the new legislation designed to prevent money laundering which had been introduced in Cayman and the islands' commitment to continue to develop their financial regulations as demonstrated by the recent removal of the fiscal exemption clause from the Proceeds of Criminal Conduct Law.
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