Topic: Sanctions and Anti-Money Laundering Bill

Geoffrey Cox who successfully defended former Cayman Islands Premier McKeeva Bush in 2014 has come under fire for his legal work in the overseas territories.

The United Kingdom government pulled a parliamentary debate on a piece of financial services legislation on Monday after Jersey, Guernsey and the Isle of Man warned against an amendment to the bill that would force the introduction of public beneficial ownership registries in the Crown dependencies.

Challenging the section of the U.K. Sanctions and Anti-Money Laundering Act that threatens to establish public beneficial ownership registers in the overseas territories – if necessary through an order in council – would face major obstacles, according to Sir Jeffrey Jowell, QC, the lawyer who is working with the Cayman Islands government on its response to the action.

By all accounts, Cayman and other offshore jurisdictions have a tough fight ahead of us. We need the facts in our arsenal. And we need friends in London, like Lord Ahmad, who will help our leaders realistically chart a path forward.

A pall has been cast over what was supposed to be a celebratory event in London early next week marking the 60-year anniversary of the Cayman Islands coat-of-arms following a vote in the U.K. House of Commons that many observers believe will do serious damage to Cayman’s financial services industry.

A swirling vortex of political gamesmanship, played against the backdrop of a crucial Brexit vote and a weakened U.K. coalition government, left the Cayman Islands and its sister British Overseas Territories on the losing end of Tuesday’s House of Commons vote.

Britain’s 14 overseas territories, including the Cayman Islands, will have to introduce public registers of beneficial ownership by the end of 2020. If they do not, the U.K. government will issue an order in council to force Cayman and other territories to do so.

“The Cayman Islands Government is deeply aggrieved by the acceptance of the UK Government today of an amendment to the Sanctions and Anti-Money Laundering Bill in the House of Commons.”