Cayman to support Review of Crown Dependencies
On December 9, 2008, the Cayman Islands Government announced its intention to take an active role in Her Majesty’s (HM) Treasury’s independent review of UK Crown Dependencies and Overseas Territories. The review will analyze the long-term opportunities and challenges facing Crown Dependencies as international financial centres.
The decision came after discussions with Paul Myners, Financial Services Secretary for HM Treasury, and after the United Kingdom announced the terms of reference for the review and the appointment of review leader Michael Foot on December 3.
Kurt Tibbetts, Leader of Government Business, said that they had an opportunity to engage in discussions with HM Treasury directly and review the details regarding this review. He said that “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”.