Premier McKeeva Bush has said he wants to leave Her Majesty’s Government and the rest of the world in no doubt about the propriety of his country’s Financial Services Industry.

Premier Bush has presented a letter to David Gauke MP, Exchequer Secretary to the Treasury.

The Premier’s move came as he signed the historical Fiscal Framework Agreement in London.

In the letter he outlined some of the recognition Cayman has received from renowned supranational bodies:

• The Financial Stability Board wrote in 2011, that The Cayman Islands’ standards on international cooperation and information exchange were “sufficiently strong”, – the highest assessment possible.

• During the OECD’s Global Forum in 2011 The Cayman Islands’ legal and regulatory regime was found in compliance with all nine essential elements of their international tax transparency and exchange of information standards.

• In one of the US Department of Justice’s reports The Cayman Islands were described as “one of the DOJ’s best partners among offshore jurisdictions”.

• The US General Accounting Office described The Cayman Islands as “the busiest United Kingdom overseas territory with requests for information, but also the most cooperative”.

• Caribbean Financial Action Task Force’s Report revealed that The Cayman Islands’ legal framework for “combating money laundering and terrorist financing is comprehensive and implements all the relevant provisions of the UN Conventions, save in one minor respect, not impacting effectiveness.”

• OECD has also stated that The Cayman Islands meets their standards in terms of tax cooperation and transparency.

Premier Bush said, “I will be using this trip to discuss matters crucial to The Cayman Islands with various UK Ministers as well as briefing Members of the House of Commons and House of Lords on the latest developments in Cayman. We need to keep remind people that we have signed 27 Tax Information Exchange Agreements and we have a multiplicity of legislation that complies with international requirements which serves to enhance our global reputation.”

Lord Blencathra, the newly appointed  Director of The Cayman Islands’ London operation said, “It is important that HMG hears directly from the Premier that we remain one of the world’s best run and most transparent offshore jurisdictions and that we disregard  the nonsense the British press carry and which is fed to them by competing, and less well organised, offshore competitors.”