Bush: Challenge to public registry is appropriate

W. McKeeva Bush

On behalf of my constituents, I would like to say that we fully endorse the position taken by the Premier Mr. Alden McLaughlin with regard to the legal challenge to be undertaken in respect of the aggressive overreach suggested by the U.K. Parliament.

This is not only an appropriate means to seek to revise our Constitution but it is also productive for the protection of our future.

The Cayman Islands system [of a] beneficial ownership registry is superior in every way to the so-called system which is currently being implemented in the United Kingdom.

Talk of public registers ever becoming a global standard is nonsense. It would never be introduced in the United States and this ill-considered United Kingdom initiative will simply result in those seeking a legitimate right to privacy leaving the Cayman Islands financial services sector and seeking sanctuary in places and jurisdictions where transparency does not exist. What will the U.K. do then? Start a war over Beneficial Ownership?

References to the Panama Papers are wholly misplaced when referring to the Cayman Islands, but ironically, this ill-considered United Kingdom initiative will do no more than create a new Panama elsewhere.

W. McKeeva Bush, OBE JP MLA, is Speaker of the Legislative Assembly