Was Cayman really blacklisted just because it was a bit slow in passing its substance legislation? And is it certain to come off the blacklist in October? This is the view of CIDA and others in Cayman. But is it correct?

A raft of circulars, press releases and various other statements have come out of Cayman since the decision was made by the EU to place this Caribbean jurisdiction on its uncooperative list. They have all said much the same thing.

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Now is the time for Cayman to revisit its approach to transparency, especially in some of its fund governance practices.

There is a culture of secrecy in the offshore fund industry, especially in the Caribbean, including in Cayman. It is a hangover from past practices and is, to a certain extent, embedded in the way business is still conducted today. To understand why this is it is necessary to know something about how these jurisdictions developed over the past few decades.

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