British peer calls for 'rebalanced' constitutional relationship between the UK and Cayman

Friday, May 21, 2004

LONDON, England: Lord Davies of Coity, the Chairman of the Cayman Islands All Party Parliamentary Group, on Tuesday made a speech in the British Parliament calling for a 'rebalanced' constitutional relationship between the UK and the Cayman Islands.

Lord Davies defended the rigorous financial regulatory regime which exists in the Cayman Islands, and the jurisdiction's commitment to implementing international financial measures, including OECD and Financial Action Task Force initiatives.

Lord Davies said, "The time is now right for a meaningful dialogue, and for a rebalanced relationship, particularly in respect of the Cayman Islands. Handled with care and goodwill, this can lead to improved constitutional advancement without damage to the relationship with the United Kingdom."

He added, "There is no doubt that, if there is not measured progress towards democratic accountability and elements of internal self-government, there is a risk that the demands for full-blown independence will become much greater. As different levels of internal self-government already exist among different territories, there is bound to be a feeling of some unfairness and a desire on the part of some territories to catch up."

Lord Davies will lead a delegation of MPs and Peers to the Cayman Islands in July.

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