2 Pages

Tinsley v Milligan [1994] 1 AC

In March 2000, a convocation was held in the Cayman Islands with 45 jurisdictions represented and over 100 participants present. It reached four basic principles in an effort to underscore its commitment to the need for internationally accepted standards of financial regulation and anti-money laundering policies: (a) a global and non-discriminatory approach; (b) proper recognition of the positive action already taken by many of

the jurisdictions participating in the convocation; (c) the need for a formal agreement between all jurisdictions engaged in

cross border financial services to espousing the principle of not attracting business through the promotion of weak regulation; and

(d) the need to refrain from imposing sanctions on particular jurisdictions until there has been a transparent process of evaluation against accepted international standards together with enough opportunity to correct any measured deficiencies.