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Cayman Islands To Support Crown Dependency Review

by Phillip Morton, Investors Offshore.com, London

09 December 2008


The Cayman Islands Government announced today that it will take an active role in HM Treasury’s independent review of UK Crown Dependencies and Overseas Territories, which will analyse the long-term opportunities and challenges facing each as an international financial centre.

The Cayman government’s decision came after discussions with Paul Myners, Financial Services Secretary for HM Treasury and the UK government’s announcement on December 3 of the terms of reference for the review and appointment of review leader Michael Foot.

"We have had an opportunity to engage in discussions with HMT directly and review the details provided to date regarding this review," said Kurt Tibbetts, Leader of Government Business. “As a result of this due diligence, which indicated the review will be serious and constructive, the Cayman Islands government is happy to participate and support HMT in its efforts. It is Cayman’s experience that objective, independent reviews are valuable to all parties involved and we look forward to working with Mr Foot."

HM Treasury expects that the review process will produce interim conclusions to coincide with the Spring 2009 release of the UK government’s budget.


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