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Cayman Islands private sector emphasises independence of financial services industry
Published on December 19, 2012 Email To Friend    Print Version

By Caribbean News Now contributor

GEORGE TOWN, Cayman Islands -- Following a no-confidence motion against the ruling United Democratic Party, which was passed in the Cayman Islands Legislative Assembly late Tuesday afternoon, Cayman Finance chairman, Richard Coles, has reiterated the independence of Cayman’s financial services industry.

Cayman Finance is a private sector organisation established to promote the interests of the Cayman Islands’ financial services industry.

The no-confidence vote comes one week after the arrest of Premier McKeeva Bush by the Royal Cayman Islands Police Service (RCIPS).

“The financial services industry operates independently of the political arm of the Legislature and any potential criminal charges against an individual do not impact the ongoing effective functioning of the government or the Cayman Islands Monetary Authority (CIMA),” Coles explained.

The Cayman Islands Monetary Authority is the primary financial services regulator responsible for the regulation and supervision of financial services, the monitoring of compliance with money laundering regulations and the provision of assistance to overseas regulatory authorities.

Bush was arrested last Tuesday and taken into custody on suspicion of theft in connection to alleged financial irregularities regarding the use of a government credit card and multiple alleged breaches of the Anti-Corruption Law. He was released on police bail following two days of interviews with Financial Crime Unit officers and has been placed on police bail until early February 2013, to allow further investigations to take place.

“We note that, while no charges have yet been laid against Mr Bush, these are serious allegations and it is important that public confidence in Cayman’s political and legal systems is maintained,” Coles said. “It is only appropriate that Mr Bush step aside while these allegations are being investigated and resolved in order to protect the integrity of the parliamentary system. We also note the requirement of due process and the importance of resolving these issues as expeditiously as possible.”

Cayman Islands lawmakers voted 11-3 on Tuesday afternoon in favour of a no-confidence motion against the ruling United Democratic Party (UDP) government. Bush abstained from voting on the motion.

“The strength of Cayman’s law enforcement and anti-corruption systems and its intolerance for any unethical behaviour, regardless of the individual concerned, is what sets our jurisdiction apart from others and makes us a preferred country with which to do business,” Coles said. “We hope these investigations are concluded swiftly.”
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