British Dependent Territories Try to Fight British Demand to Participate in the EU Savings Directive

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Wednesday, January 1, 2003
Bruce Zagaris
During November 23-24, 2002 ministers from the Cayman Islands, the British Virgin Islands, Turks and Caicos, Montserrat and Anguilla met in Georgetown, Grand Cayman, to respond to a British Government demand that they agree to disclose the identities and account details of members of the European Union who hold savings accounts in Caribbean offshore financial centers. The British Government?s goal is to have the acceptance of the plan by the British Caribbean dependent territories (Dts) by the end of the year. Notwithstanding the opposition of the Dts, the United Kingdom could force them to accept the information exchange provisions contained within the directive, via an Order in Council. The UK government could order the Caymanian authorities to accept the same legal position as the United Kingdom on this issue, as it had done in the past over capital punishment and the legalization of homosexuality.