§ Matthew TaylorTo ask the Secretary of State for Foreign and Commonwealth Affairs if he will make
1316Wa statement on the reviews by the Turks and Caicos Islands and Cayman Islands of Enron-related offshore companies. [71711]
§ Mr. Mike O'BrienThe United Kingdom's overseas territories are expected to co-operate internationally and regulate their financial services sector in line with international standards. The Cayman Islands Monetary Authority and the Turks and Caicos Islands Financial Services Commission respectively are responsible for the regulation of the financial sector in the Cayman Islands and the Turks and Caicos Islands, including licensed company service providers who are responsible for ensuring that non-resident companies comply with the laws and regulations of the territories concerned. The regulatory and criminal investigation authorities in both territories are actively assisting the Securities and Exchange Commission and other relevant authorities in the United States, where the investigation into the Enron case is currently focused. In the event that regulatory or criminal offences involving Enron subsidiaries were to be discovered in either jurisdiction, it would be for the legal and regulatory authorities in the Cayman Islands and the Turks and Caicos Islands, in co-operation with the US and other authorities, to consider appropriate action to enforce the law.