Cross-border protocols for commercial courts edge closer

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Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Cross-border protocols for commercial courts edge closer

An international forum of senior judges held in London this month paved the way for more cross-border cooperation between commercial courts.

The purpose of the forum, organized by the Lord Chief Justice of England and Wales, Lord John Thomas, who recently visited Cayman as guest speaker at the Cayman Islands Judiciary’s eighth annual Distinguished Guest Lecture Series, was to develop protocols for cross-border collaboration and cooperation.

Senior judges from commercial courts on five continents gathered for the first time for the newly formed Standing International Forum of Commercial Courts. Sixteen jurisdictions were represented by their chief justices. Chief Justice Anthony Smellie and Justice Nicholas Segal represented Cayman’s commercial court, the Financial Services Division of the Grand Court.

The forum, held at the London Commercial Court, covered several areas of initial collaboration. They included enforcing judgments of foreign courts; using technology and managing cases involving entities and investments based in other countries; prioritizing arbitration and mediation in commercial dispute resolution; and planning for development and implementation of protocols that emerge from continuing dialogue and meetings.

Chief Justice Smellie said the first order of business was to establish a “starting point” for the Forum by understanding the existing legislative and regulatory provisions in each jurisdiction, and to gauge what each is likely to achieve in the future in the areas under consideration.

The expectation is that the sharing of ideas may lead to the adoption and development of best practices and protocols as presented by participating courts, the chief justice said.

Meeting the other chief justices from around the world demonstrated that “we are of one mind,” the chief justice said.

“There is no question that this forum will lead to very significant consensus around the world” on the subjects under discussion, he added.

The next meeting of the Standing International Forum is to take place in New York in October 2018, when it is anticipated that working parties will begin to consolidate memoranda of understanding governing specific aspects of cross-border cooperation.

Government releases anti-money laundering strategy

The Cayman Islands government has developed a four-year Anti-Money Laundering and Counter Terrorist Financing Strategy in response to the threats and vulnerabilities identified in the recent National Risk Assessment.

The aim of the strategy is to ensure that the jurisdiction has a robust, adaptive and responsive AML/CFT framework consistent with international standards and effective in maintaining the integrity of the Cayman Islands’ financial services system, Attorney General Samuel Bulgin said in a statement.

“Although we have made significant progress, the government recognizes the need to take ongoing measures to update the AML/CFT regime to address the full range of risks relating to money laundering, the financing of terrorism and proliferation to the Cayman Islands and to communicate its strategy to relevant stakeholders,” he said.

The goals identified in the strategy include: Enhancing the jurisdiction’s AML/CFT legal and regulatory framework; implementing a comprehensive risk-based supervisory framework; strengthening sanctions, intelligence and enforcement; enhancing domestic cooperation and coordination; ensuring an efficient and effective system for international cooperation; and raising AML/CFT awareness among all stakeholders and the general public.

RBC Blue goes green in support of foster home

To support the Cayman community in “going green,” RBC collaborated on a gardening initiative for the NCVO Foster Home with Beyond Basics Medical Day Spa, an RBC Business Banking client.

RBC supported the NCVO Foster Home with a team of RBC colleagues who volunteered on the community garden project. The team spent the afternoon revitalizing the landscape on-site, including re-potting plants, digging seedlings, raking leaves, and generally assisting with the clean-up and reorganization of the outbuilding and other areas of the home.

RBC also presented a donation to aid in the care and development of the children at the foster home.

Nasaria Chollette, care manager, NCVO Foster Home, said, “The donation went a long way towards helping us complete fundraising for our summer vacation. For the first time, we are able to take the residents abroad to Disneyland. They are overjoyed.”

Appleby participates in community events during America’s Cup

Offshore law firm Appleby announced several community partnerships and events to coincide with the 35th America’s Cup. Appleby is providing the organizers of the America’s Cup with legal services leading up to and during the sailing event. In addition, Appleby said it is giving back to the community in several jurisdictions in which it has offices.

The initiatives include Appleby’s partnership with the Jersey Royal Channel Islands Yacht Club sending two cadets to participate in the America’s Cup Endeavour Program in Bermuda; involvement in funding a day of sailing for disadvantaged young people through the Set Sail Trust in Guernsey; a year-long partnership with the disability boating charity Wetwheels Jersey; and sponsorship of the Manx Youth Sailing Squad.

America’s Cup racing begins May 26 with the Louis Vuitton America’s Cup Qualifiers, followed by the Louis Vuitton America’s Cup Challenger Playoffs from June 4. The America’s Cup Match presented by Louis Vuitton takes place from June 17 to June 27.

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