MANCHESTER, USA: The Union Leader, April 23, 2006 – It may sound like about the driest topic the Legislature could have picked this year.  But when Secretary of State Bill Gardner warned last week against forming a Cayman Islands model of private banking, the Trust Modernization Act became a lot more interesting.

The House has amended the Senate version, and is set to vote this week. The amendment doesn’t change the bill’s thrust, which clears the way for the wealthy to create a new generation of private banks, and allows their family trusts to continue in perpetuity.

Stolen money traced through the Cayman Islands

LAGOS, Nigeria: The Daily Sun, April 24, 2006 – On December 22, 2005, Economic and Financial Crimes Commission operatives picked up Brigadier-General Mohammed Buba Marwa on allegations that funds belonging to former Head of State, the late General Sani Abacha, passed through his account. The Federal Government had estimated that Abacha stole over $2.2billion.

About $12.8million of the Abacha money stolen through inflated contracts was allegedly traced through the Cayman Islands to Marwa’s accounts in Transnational Bank, Nairobi, Kenya. He denied embezzling public funds and said he was forced to release his account number to Abacha because he was his Commander-In-Chief.

Cayman Islands provide military benefits

HAMILTON, Bermuda, The Royal Gazette, April 22, 2006 – British Opposition MP Daniel Kawczynski argued that the British territories, such as Bermuda, Gibraltar and the Cayman Islands, provided “tremendous military benefits” to Britain. And he warned of a “tide of dissatisfaction” from the Territories’ 220,000 residents if they did not have more say in business carried out on their behalf by the UK.

Cayman Islands back in business

KINGSTON, Jamaica: The Jamaica Observer, April 23, 2006 – Early data on tourist arrivals in the Caribbean in 2006 reflect the rebounding travel market globally, except for Cancun, which suffered severe hurricane damage in 2005. The Dominican Republic saw visitor arrivals increasing by 5.8 per cent in January and 10.9 per cent in February.

The Cayman Islands that had been devastated by Hurricane Ivan are obviously back in business, as their January and February figures showed 100 per cent increase in visitor arrivals.