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“Dire consequences” should Cayman Islands remain blacklisted: Premier McLaughlin

21st May 2020 - Author: Charlie Wood

Cayman Islands Premier Alden McLaughlin foresees “dire consequences” should the European Union fail to remove the financial centre from its blacklist

cayman-islands-flagAccording to reports from Caribbean News Global, McLaughlin underlined the severity of the blacklisting even relative to the consequences being faced as a result of the global COVID-19 pandemic.

“I am very worried about [the blacklisting],” McLaughlin said. “We absolutely must come off that list in October.”

The EU confirmed in February that the Cayman Islands had been added to its list of non-cooperative jurisdictions due to a technical breach relating to the regulation of collective investment vehicles (CIVs).

The Cayman Islands’ Government responded with claims that any concerns over CIVs were addressed in laws passed on 31 January 2020 and enacted on February 7, but the EU stated that the jurisdiction “did not deliver on their commitment on time.”

The Premier has since said that several additional bills have been drafted, designed to address the issues and concerns

It has been reported that, in the view of KPMG consultants, these law alterations will be enough to satisfy the EU before October.

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