Langston Sibblies KC

A veritable who’s who of Cayman’s legal, judicial, financial and regulatory fraternity gathered recently to celebrate the launch of a new book by one of their own, Langston Sibblies KC. 

The Regulation of the Financial Industry in the Cayman Islands: From Offshore Financial Centre to International Financial Centre provides an overview of the development and evolution of the Cayman Islands’ regulatory framework over the past 25 years and an explanation of the changes made against the backdrop of intense scrutiny and review by various international bodies, standard setters and other governments. 

“There have been a number of books written on the history and growth of the Cayman Islands’ financial industry. Thus far however, there has been no comprehensive publication tracing the steady development of the regulation of the sector. Therefore, this book attempts to address this issue and fill the gap by laying out a coherent road map of the evolution and implementation of its regulatory and legal framework,” said Mr. Sibblies. 

Another objective of the book, Mr. Sibblies said, is to demonstrate that the Cayman Islands’ financial regulatory framework has evolved, since the 1960s, into a modern, robust and sophisticated regime that is as efficient as it is effective, and fully reflects the current international standards and expectations befitting a leading international financial centre.

On hand to mark the occasion was Sir Anthony Smellie KCMG, KC, JP, LLD (Hon.), retired Chief Justice of the Cayman Islands, who wrote the foreword of the book.

“The Cayman Islands is often wrongly portrayed in the media and other platforms as an “offshore financial centre”, a “secrecy jurisdiction”, a “tax haven” or an “uncooperative jurisdiction” that facilitates money laundering or other financial crimes,” said Sir Smellie in his remarks to the attendees. 

Mr. Sibblies, through this book, has sought to dispel these misperceptions with particular regards to the regulation of the financial industry in the Cayman Islands. The book fills the gap between the myth and the reality of the Cayman Islands as a financial centre by demonstrating that, far from being a rogue offshore tax haven, the Cayman Islands’ financial centre is well regulated in line with current international standards, using supervisory methods and tools similar to those used in major metropolitan financial centres.”

Former Financial Secretary of the Cayman Islands, George McCarthy OBE, also lauded the importance of the publication as a historical document and passed along his review to the audience. 

“All who will avail themselves to an opportunity of reading this book, as I am now doing, will see that Mr. Sibblies has been very careful in his research; hence, the book is quite accurate. It is well written which makes for both informative and interesting reading, and it captures, in this single volume, the full scope of the legislative happenings, and rationale for each piece of legislation from the inception of the financial industry in the mid 1960’s right up to the present time,” said Mr. McCarthy. 

In the writing of this book, Langston has, in effect created a legacy.  This is a legacy that will impact our minds and thoughts of present and future generations. For those of us who are old enough to have been around since the inception of this vital industry, and to have had the privilege of observing the impact it has had of the socio-economic development of these islands, such observations, and accompanying reflections will often leave us in a state of awe.”

Mr. McCarthy added that he hopes the book will be placed in Cayman’s public libraries and schools to ensure that it, along with other books that have been authored, will collectively continue to preserve the history of the islands for present and future generations.

Mr. Sibblies hopes to have his book available in local bookstores soon. Persons interested in obtaining a copy can contact Debbie Webb-Sibblies on [email protected] or call 926-0748. The cost is CI$25.

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About Langston Sibblies

Langston Sibblies KC JP is a senior lawyer with extensive experience in financial regulation and related international standards with a focus on anti-money laundering and counterterrorism financing. 

He served as the Executive Director of the Secretariat in the Cayman Islands Portfolio of Finance & Development between 1999 and 2000 dealing with various international initiatives impacting the Cayman Islands’ financial industry. 

In 2000 he became the first full-time legal adviser to the Cayman Islands Monetary Authority and subsequently served as the General Counsel-Deputy Managing Director up until 2019.  

Mr. Sibblies has served on various public sector boards and commissions, and currently offers consulting services in his area of expertise. He is listed on the roster of short-term legal experts with the Legal Department of the International Monetary Fund (IMF) as well as an Arbitrator-Mediator with the Cayman International Mediation and Arbitration Centre (CI-MAC). He has also recently been appointed to the Board of Directors of the Cayman Islands Monetary Authority.