Constitutional Modernisation has come to the forefront of politics recently with the collapse of the now defunct Euro Bank Corporation in 2003.
The prosecution in the trial was forced to reveal that the British Government had planted moles (and used wire taps) throughout the banking industry using MI6, with the consent of the Governor.
This infuriated the elected members of the Legislative Assembly as they maintained that the Governor and the United Kingdom had put into question the Cayman Islands' reputation as a tightly regulated offshore jurisdiction.
Some saw this as the United Kingdom meddling in the territory's affairs to benefit itself (and the EU), at the expense of the islands' economy.
Subsequently, in May 2005 the ruling UDP was ousted by the PPM, which restarted the process of constitutional modernisation.