I cannot help but feel that the
Dormant Accounts Bill in its present form could have detrimental effects on the
future of the Cayman Islands financial domain.
It is my sincere belief that this
bill should be re-examined expeditiously and revised with great caution, as it
could possibly cause the downfall of Cayman’s vital financial industry.
Regardless of what other countries
have done, we need to study the pros and cons that could affect us and possibly
wipe out our banking industry.
The cost of implementation and the
conflicts that may arise are likely to outweigh the gain.
Is it really worth the problems,
risks and complications that it will create?
In my opinion 25 years may be a
realistic time but six years is likely to be disastrous.
I therefore beg the powers that be
to suspend, amend or repeal the bill and take every precaution to avoid
consequences that could be catastrophic and irreversible.
A law such as this may have some
good logic but there could be many obscure elements, which could change its
effects from beneficial to devastating, totally reversing the intents of its