In light of the no-confidence motion against the United Democratic Party, which was passed in the Legislative Assembly late this afternoon, Cayman Finance Chairman, Mr Richard Coles, has reiterated the independence of Cayman’s financial services industry. The no-confidence vote comes on the back of the Premier’s arrest last Tuesday by the Royal Cayman Islands Police Service.

“The financial services industry operates independently of the political arm of the Legislature and any potential criminal charges against an individual do not impact the ongoing effective functioning of the government or the Cayman Islands Monetary Authority (CIMA).”

The Cayman Islands Monetary Authority is the primary financial services regulator responsible for the regulation and supervision of financial services, the monitoring of compliance with money laundering regulations and the provision of assistance to overseas regulatory authorities.

Mr Bush was arrested on 11 December 2012 by the Royal Cayman Islands Police Service. He was taken into custody on suspicion of theft in connection to alleged financial irregularities regarding the use of a government credit card and multiple alleged breaches of the Anti-Corruption Law.  He was released on police bail following two days of interviews with Financial Crime Officers and has been placed on police bail until early February 2013, to allow further investigations to take place.

“We note that while no charges have yet been laid against Mr Bush these are serious allegations and it is important that public confidence in Cayman’s political and legal systems is maintained,” Mr Coles said. “It is only appropriate that Mr Bush step aside while these allegations are being investigated and resolved in order to protect the integrity of the parliamentary system.  We also note the requirement of due process and the importance of resolving these issues as expeditiously as possible.”

Cayman Islands lawmakers voted 11-3 Tuesday afternoon in favour of a no-confidence motion against the ruling UDP government.  Premier McKeeva Bush abstained from voting on the motion.

“The strength of Cayman’s law enforcement and anti-corruption systems and its intolerance for any unethical behaviour, regardless of the individual concerned, is what sets our jurisdiction apart from others and makes us a preferred country with which to do business,” Mr Coles said. “We hope these investigations are concluded swiftly.”