The push to keep Cayman off the European Union blacklist continues.
Monday (17 December) legislators approved three bills which government is hoping will keep Cayman clear of the list.
The Economic Substance Bill, as well as, amendments to the two companies laws; Local Companies (Control) (Amendment) Bill, and the Companies (Amendment) (No. 2) Bill, were passed in the LA.
Opposition MLAs expressed concerns that the laws could add further strain to businesses and increase the immigration burden, in particular, the Economic Substance Bill.
Financial Services Minister Hon. Tara Rivers stressed the laws were necessary for Cayman to meet its international obligations. She said while challenges may lay ahead Cayman will prevail.
“The Cayman Islands will rise. We have weathered the storms for decades. As a people and a country, we are strong, we are confident and we resilient and as our history has shown us I firmly believe our future is bright,” said Ms. Rivers.
The EU blacklist is expected to be published early next year.
The Premier has said if Cayman is named on the list it could have serious reputational implications.