London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

Opposition: Cayman needs to fight blacklist

Opposition: Cayman needs to fight blacklist

Opposition lawmakers have expressed concern over reports that European Union ambassadors recommended the Cayman Islands be blacklisted as a non-cooperative tax jurisdiction.

It comes after the Financial Times reported Wednesday that EU27 ambassadors decided to place Cayman on a list of nine territories that do not effectively cooperate with the European bloc.

The decision comes just two weeks after the UK, Cayman’s lone defence at the EU table, formally left the bloc.

Cayman is the only British Overseas Territory to face blacklisting.

European finance ministers are set to meet on Tuesday, 18 Feb., to confirm the decision.

“While this is only a recommendation at this time, we believe that it is imperative that an immediate action plan be drawn up to deal with all eventualities,” Opposition spokesperson on financial services Bodden Town West MLA Chris Saunders told the Cayman Compass Thursday.

Cayman has held numerous discussions and made several legislative changes to address concerns raised by the EU leaders to avoid inclusion on the tax blacklist.
Cayman and British Virgin Islands were up for review after being placed on a EU ‘grey list’ in 2018. In a statement following the Financial Times report, government said it has yet to receive confirmation of the EU decision.

“We believe that we have introduced the appropriate legislative changes to enhance our regulatory framework, in line with the EU’s requests,” the statement read. Government, it said, has offered to make itself “available for further dialogue or clarification with the Commission and the EU Ministers of Finance”.

Saunders said Leader of the Opposition Arden McLean has reached out to Premier Alden McLaughlin to get an update on how the government will respond if the recommendation is accepted by the EU finance ministers next week.

“At this point, the Opposition believes that the interests of our country are best served with everyone working together to ensure that the Cayman Islands is not blacklisted. And while it is important for us to understand what actions or inactions brought us here, this is not the time to find blame, but to work together to ensure the prosperity of our financial industry,” Saunders said.

Government contended, in its statement, that over the past two years, it has adopted a number of “fundamental legislative changes to enhance tax transparency and cooperation with the EU, fully delivering on our commitment to strengthen our regulatory regime and addressing the concerns reflected in the EU Council conclusions of 12 March 2019”.

Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×