29/11/21

CAYMAN ISLANDS: Minister of Financial Services meets with UK and EU representatives.

As published on cayman.loopnews.com, Saturday 27 November, 2021.

The Ministry of Financial Services and Commerce said that Minister André Ebanks recently engaged UK and EU decision-makers at the ninth Joint Ministerial Council (JMC) in London during the week of November 15.

Such persons included the recently appointed UK Minister with responsibility for the Overseas Territories, Amanda Milling, the UK Parliament's All-Party Parliamentary Group for the Cayman Islands Chair, Sir Graham Brady and the European Commissioner for Financial Services, Financial Stability, and the Capital Markets Union, Mairead McGuinness.

"I'm grateful for the opportunity to converse with these representatives on the commendable work Cayman is doing to not only tackle global climate change, but also to contribute positively to the international fight against illicit financial flows, and all forms of organised crime," Minister Ebanks said.

According to the Ministry, the meetings covered a wide range of matters and were positive and substantive. These matters included concerns important to the interests of the Cayman Islands and its reputation as a financial services centre and its position on climate change.

The Ministry said that the discussion with Minister Milling focused on the connection between financial services and global climate mitigation and adaptation efforts, specifically as it relates to Cayman's recently announced Commonwealth Climate Growth Fund.

The Ministry said that Minister Ebanks also had the opportunity to discuss the Climate Growth Fund with Lord Goldsmith, the UK Minister for the Pacific and the International Environment.

According to the Ministry, the Minister Ebanks' discussion with Commissioner McGuinness centred on Cayman's anti-money laundering, combating the financing of terrorism, and counter-proliferation financing regimes, as well as the jurisdiction's beneficial ownership framework.

The Ministry said that Minister Ebanks also had meetings with several other EU officials regarding Cayman's financial services industry and the evolving international tax standards, including a virtual discussion with the cabinet of the EU Commissioner for the Economy, Paolo Gentiloni.

In addition to the aforementioned meetings, the Ministry said that Minister Ebanks made time to attend a Friends of Cayman reception in London, which featured a number of attendees including former Cayman Islands Governor, John Owen, as well as current UK parliamentarians.

The Ministry said that, for a majority of the engagements, the Minister was accompanied by the Cayman Islands Representative to Asia, Gene DaCosta, and they received support from the Cayman Islands Representative to the UK, Dr Tasha Ebanks-Garcia.