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Home News and Events News Cayman Finance with CILS/CBA Joint Statement

Cayman Finance with CILS/CBA Joint Statement

Cayman Finance Statement:

Cayman is a top quality transparent jurisdiction

In response to recent media reports around the availability of the Cayman Islands court system’s records, Mr Jude Scott, Cayman Finance CEO, said “Cayman is a top quality transparent jurisdiction. We have a clear and strong commitment to transparency.  We have been recognised for decades as a strong partner in combatting global financial crime including money-laundering, terrorism financing, corruption and tax evasion and have gained the reputation of a transparent jurisdiction by meeting or exceeding globally-accepted standards for transparency and cross border cooperation.

The jurisdiction, including our world class courts system, is committed to reviewing and evolving best practice.   Cayman is receptive to appropriate input and recommendations on existing and new practices and policies to ensure effectiveness and balance, while continuing Cayman's tremendous benefits to the global economy.

The Cayman Islands is a premier global financial hub that efficiently connects law abiding users and providers of investment capital and financing around the world - benefitting developed and developing countries."

The Cayman Islands Law Society and the Caymanian Bar Association Statement:

"The Cayman Islands Law Society and the Caymanian Bar Association welcomes the clarification issued on Wednesday 26 April 2017 by the Clerk of the Court regarding Requests for Copies of Writs and other originating processes filed at the Grand Court.

Both associations are committed to the rule of law including open justice, a system the Cayman Islands administers, enabling public scrutiny of the judicial process by which litigants' rights are adjudicated.

The Grand Court has confirmed and clarified that certified copies of documents are available to non parties as they have always been.  However, it should be noted that rights of non parties (including representatives of the media) with respect to the copying of court documents must not be confused with the principle of open justice. It is an element. Access is granted to non parties to scrutinise the relevant judicial process itself, but in the Common Law world there is no unrestricted right to access. There is a balance to be struck with other competing interests, both public and private, and this is the context in which access to court documents is given.

As a jurisdiction, the Cayman Islands is recognised as an international financial centre that attracts clients through its business friendly environment, the quality and probity of its professionals, court processes and judiciary.

We acknowledge that in the information age it is sensible to review existing policy as it relates to open justice, with an understanding that there are many competing public policies, to ensure it remains consistent with international standards. We are therefore pleased that the Grand Court Rules Committee is to consider whether any changes to the existing rules and practices are required. "