Category: News

Senior Lecturer, Michael Bromby, has published an article in the Judicial Review journal entitled The Privy Council Reinstates Principle Over Pragmatism: Inherent Powers and When to Use Them in Relation to Holding a Closed Material Procedure.  This article reviews a recent Privy Council case concerning the transfer of a prisoner from the Cayman Islands to the UK, for which the Privy Council sat here in the Cayman Islands for the first time in history.  The appeal centred on whether or not a closed material procedure could be used, which would have resulted in the appellant and his legal team being absent from part of the proceedings against him.  The case is a significant development in the area of judicial review and of relevance not only to the Cayman Islands but to the UK and all the jurisdictions that fall under the Privy Council.

The publication can be viewed here: https://www.tandfonline.com/doi/full/10.1080/10854681.2023.2273636 or contact the author at michael.bromby@gov.ky.

We are delighted to announce our Assistant Director Andrew Perkins most recent publication in the Law and Financial Markets Review entitled ‘Regulating virtual asset service providers in the offshore world: the Cayman Islands example.’

Mr Perkins Article seeks to firstly, outline the reasons why virtual asset service providers have embraced trading offshore. Secondly, evaluate the Cayman Islands legislative regime under the Virtual Asset Service Providers Act and its associated regulations to test compliance with international regulatory standards. Thirdly, consider the international focus that the Cayman Islands attracts on issues of global taxation and the prevention of money laundering, and evaluates how Cayman has approached the new challenges presented by cryptocurrencies whilst demonstrating compliance with international standards. This article reaches conclusions as to how offshore regulators and their legal frameworks are going to need to adapt and keep pace with the evolution of cryptocurrencies so that they can protect the integrity of their valuable financial services industries.

This Article is the result of a paper delivered at the Institute for Advanced Legal Studies’ 2022 conference on Cryptocurrencies, Smart Contracts, and Alternative Payments for which Andrew thanks the Portfolio Of Legal Affairs for their support in attending.

Mitchel Davies BEM, Truman Bodden Law School Director stated that ‘Andrew Perkin’s very topical recent article published in the December 2023 volume of Law and Financial Markets Review explores why virtual asset service providers have identified the offshore services centres as attractive jurisdictions in which to do business.  In this context and in anticipation of the Cayman Islands having been removed from the FATF “grey list” in October 2023, Andrew explores how the Cayman Islands has responded to the new challenges represented by cryptocurrencies whilst continuing to be at the forefront of compliance with international standards.  This article is further evidence showcasing in the international arena the important cutting-edge academic research and publication being conducted by Truman Bodden Law School academic staff.’