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The largely unprecedented events in worldwide financial markets over the past 12 months have inevitably resulted in a turn of the spotlight onto offshore financial centres, with many quick to suggest that jurisdictions such as the Cayman Islands played a key role in the global economic collapse. Whether the intense scrutiny has been justified, and whether the called-for ‘crack-down’ on the Cayman Islands will in fact have the negative impact so readily suggested in the wider media, is the subject of much debate. This article suggests that, for now, at least, it appears the commotion may in fact have been largely unwarranted. This article was published in Trusts & Trustees Journal and can be viewed here.