Following on from yesterday’s Editorial “Strange Timing” re the beneficial ownership disclosure order by the Uk Tory government and a suggestion the tourist industry might fill the gap if the financial sector would collapses, I asked one of our leading accountants how long this would take?

He implied, ‘never’! This is what he said:

“No chance and could not afford it.
Most tourist industry places like dive shops have to be in cheap locations.
Like opposite the Westin.
Restaurants similarly.
I think we could be doomed!
Dart will suffer big time.
Camana Bay offices will empty.
Do not forget there are still a lot of BVI lawyers here and my sources say they are not returning.
The beneficiaries will be Cook Islands, Bahamas, Labuan, Singapore. Etc.
We’re up a gum tree.
Sorry to be so pessimistic. “

My goodness.

Another reader sent me a piece from former radio Host, and now MLA and Councillor, Austin Harris.

It goes back to Harris’ Radio Show “Straight Talk”:

“This morning Straight Talk made the radical case for Extradition as a means of finally getting out in front of this Beneficial Ownership issue.
Any state who sees themselves as the best-in-class regime should not be reluctant to extradite tax cheats.
Cayman should position itself as the first to propose this.
Equally, it should also create and implement Whistleblower Legislation that will ensure we receive a fair % on the value of monies that foreign jurisdictions will claim they are owed in back taxes.
These proceeds should thereafter be placed in a Sovereign Fund or similar savings account, that is autonomous to central government with the specific purpose of benefiting citizens at a future date.
It’s time we received our fair share of the profits that the Cayman Islands allowed to be achieved instead of simply settling for paltry registration fees.
No more crumbs for Cayman, we want our piece of the Pie!”

Extradition? If you don’t pay your taxes – GO!

That would certainly be radical, although it would seem to me to be shooting one self in the foot.

In another article on the OT’s bombshell in today’s iNews Cayman, “Overseas territories react to UK legislation requiring public disclosure of beneficial ownership”, Douglas Parnell, chairman of the ruling Peoples Democratic Movement in the Turks and Caicos Islands said, “But no matter how many goalposts they [G7 countries] set for us to attain they have continually changed the goalposts.

“Right now, if there is cause, law enforcement from other jurisdictions can get access. This new move will allow anyone in the world to go online and search any person’s name or company name to see who is associated with it. Every law firm or company management firm that employs a corporate manager/secretary could and most likely would see a loss of their business. It will affect every financial institution in the TCI. But, the Crown dependencies like Jersey, Guernsey and the Isle of Man are exempted.

“Basically, they are robbing the OTs of their financial services business in favour of their own interests. It could go down as the greatest act of white collar transfer of wealth in the history of the world. I believe financial services represent 12 percent of our GDP or economic activity in Turks and Caicos Islands. While we won’t suffer as greatly as the Cayman Islands, Bermuda and the BVI it will impact us.

“More importantly though, this action highlights for us as a people the attitude towards us. If it suits their interests, an Order in Council is easily passed. Our constitution is an Order in Council and could just as easily be changed if there was the political will in the UK. It is time that we seriously consider a different, more empowering relationship with the UK. This should be seen for what it is – a constitutional smack down by our overseers.”

Tough talk.

However, the Minister does not know what the majority of the UK public and their representatives think of us OT’s. They don’t think of us. If they do it is not positive, thanks to the awful media I belong to. If you don’t like it, lump it, or go.

Can we survive on our own?

Very doubtful.

Can we survive with our Financial Industry in tatters?

Doubtful.

Will we cave in and lay like dying dogs?

NEVER!