‘Well said, Mr. Bush. Well said.’

Cayman Islands Opposition Leader Hon McKeeva Bush staunchly defended the Cayman Islands against allegations that the country was a secrecy tax haven, at the International Parliamentary Conference on the Post-2015 Development Agenda

Bush was a delegate at the conference, which was hosted by the Commonwealth Parliamentary Association (UK) with support from the United Nations Development Programme.

The conference was held in London at the Houses of Parliament from 26-28 November.

Professor Paul Collier, Professor of Economic and Public Policy and Co-director of the Centre for the Study of African Economies, University of Oxford, had said earlier he agreed with British Prime Minister David Cameron that “they must close down secrecy havens like the Cayman Islands where people are hiding their money in bank accounts there.”

Dr Debapriya Bhattacharya, Chair — Southern Voice, Centre for Policy Dialogue, agreed saying the “implementation of beneficial ownership a directive given by the UK to its Overseas Territories…will make matters of finance for the metropolitan countries more advantageous and clear the path for closure of countries like Cayman.”

Bush challenged both viewpoints and stated loud and clear the Cayman Islands is a well regulated international financial centre.

This is what our Opposition Leader said:

“Firstly, let me say there is always room for excellent management of funds, and the Cayman Islands are a premier regulated jurisdiction. We are an International Business Centre as much as London is. But the myth that all your money is stored there, by not so informed academia and left-leaning governments and organisations, is just that, a myth.

“The fact is, the Cayman Islands is much more regulated than London (which is doing business with Russians, citizens of the Gulf States and the Chinese) while the UK frowns on the Overseas Territories for trying to enhance some of our development prospects through some of the same groups. However, we have over 30 Tax Information Exchange Agreements (TIEAs) with OECD, the USA and inclusive of the UK, all of which give everyone of these countries (the G20 and the G8) all the room for scrutiny and information on the Cayman Islands they need. There is no level playing field while Delaware, New York and London remain the biggest tax havens. The problem is they are not as well regulated as the Cayman Islands are, and daily financial exposures in those places show the world that their regulation is seriously lacking,

“The Cayman Islands is audited by the OECD and IMF. We comply with such financial regulatory initiatives as the various “Basel Two” cross border agreements. We have complied with every international regulatory regime in the world which is all to our credit, but the goal post keeps shifting every time. And as long as countries like the UK can keep finding and assisting willing opposition parties to help put them in place, they will always succeed by dividing and conquering — shifting the goal post — while not complying themselves with all the regulations that they require from countries like the Cayman Islands.

“Over the years, there has been growing pressure from certain governments and other left wing organisations to extend their sovereignty outside their territorial boundaries, while at the same time resisting the extension of sovereignty of governments outside their territories. They have proposed measures which are detrimental to a level playing field and which are designed to enhance their own financial centres at the expense of the Cayman Islands and others.

“The international measures which are designed to damage our financial industry should be resisted and Cayman should not put itself forward as taking the lead in experimental measures that generally result in the United Kingdom, the United States, Europe and others not following suit, and leaving the Cayman Islands in a position where it is difficult to compete on an international level, resulting in the transfer of our business to them.

“Part of my job as the leader of the opposition is to help monitor these measures which are now under way with the acquiescence of a “co-opted government” and which will make Cayman Islands uncompetitive and jeopardise our economic viability and the jobs of the numerous persons who work in and service the financial industry. The loss of that industry will cause significant harm to the overall economy and the people of our islands.

“The UK government should examine what it is saying to the Cayman Islands. When they [the UK Government] fought the Labour Party they said they agreed with me that there should be no income or property tax (in the Cayman Islands). But now that it is in power, it seeks to destroy the very foundation upon which our economy is founded. How will we survive? Do we want aid? No! We’ve never been grant-aided and we don’t ever want to be.

“We are a democracy. Our infrastructure is in good shape with all the modern capabilities in transport and telecommunications. We have some of the most intelligent, capable and professional individuals in the world running our industry. That is what the owners of wealth are looking for. And why not? I say again, where is the level playing field?”

Well said, Mr. Bush. Well said. I applaud you.