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Published 3rd December 2008, 3:0pm

George Town, Grand Cayman - The Cayman Islands Government announced today that it will take an active role in HM Treasury’s independent review of UK Crown Dependencies and Overseas Territories, which will analyse the long-term opportunities and challenges facing each as an international financial centre.

Government’s decision came after discussions last Thursday with Paul Myners CBE, Financial Services Secretary for HM Treasury and the UK Government’s announcement today of the terms of reference for the review and appointment of review leader Michael Foot.

"We have had an opportunity to engage in discussions with HMT directly and review the details provided to date regarding this review," said the Honourable Kurt Tibbetts, Leader of Government Business. “As a result of this due diligence, which indicated the review will be serious and constructive, the Cayman Islands Government is happy to participate and support HMT in its efforts. It is Cayman’s experience that objective, independent reviews are valuable to all parties involved and we look forward to working with Mr Foot.”

HM Treasury expects that the review process will produce interim conclusions to coincide with the Spring 2009 release of the UK government’s budget.


Notes to the Editors

Today’s HM Treasury’s announcement of the terms of reference and appointment of a review leader can be found here. HM Treasury’s announcement of the review, which was presented as part of the UK’s 2008 Pre-Budget Report (PBR), can be found here (chapter 3, paragraphs 3.55 and 3.56).

 

For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at financepr@gov.ky.