With constant threats of blacklists, gray lists and other financial sanctions, the Cayman Islands and other British Overseas Territories have a long-standing contentious relationship with international bodies such as the European Union and the Organisation for Economic Co-operation and Development.
But lately, tensions have also been mounting between those jurisdictions and the United Kingdom – a relationship that has been friendlier in recent decades. This affiliation has been strained due to recent U.K. legislation that is expected to hamstring many of the British Overseas Territories’ financial jurisdictions, as well as the perception that the U.K. has failed to provide adequate help in the wake of recent natural disasters.
These developments were discussed by government officials across the Commonwealth last month at the Commonwealth Parliamentary Association conference, which was held in Cayman.
Read the full story at www.journal.ky.