Cayman Deputy Premier Engages with US Congress, Media and Industry

DP and MFSC Minister Andre Ebanks (r) US Senator Steve Daines

Grand Cayman, 26 March 2024 – Reinforcing and reaffirming the Cayman Islands’ relationships with US policymakers, regulators and industry, the Deputy Premier and Minister for Financial Services and Commerce, the Hon. André Ebanks MP, visited Washington DC and New York City from 13-21 March to listen to their current views on global industry matters, and to update them on our Islands’ soundness and business viability.

“The solid week of meetings began with Cayman Finance’s industry roundtables, which among other highlights confirmed the Cayman Islands’ attractiveness as a top investment funds domicile,” he said.

DP and MFSC Minister André Ebanks MP (right) and US Representative Pete Sessions

The Deputy Premier then held introductory meetings with DC-based journalists from highly respectable media outlets, who cover international issues relevant to Cayman’s financial services framework.

“The journalists were genuinely interested in the Cayman Islands and open to understanding our financial services framework in its modern light. These forthright conversations laid the foundation for building more trusted relationships with international media,” the Deputy Premier said.

“For me it reinforced the truth that overseas journalists, as well as those in Cayman, often have to digest large amounts of material very quickly and on deadline. So during our introductory discussions I gave them the Ministry’s financial services timeline, which concisely displays the country’s regulatory, tax information sharing arrangements, and anti-money laundering milestones from the 1960s to present day. It’s a key visual that quite succinctly and compellingly conveys to international stakeholders the breadth and depth of our modern framework.”

DP and MFSC Minister Andre Ebanks, Cayman Finance NYC roundtable.jpg

The Deputy Premier provided US policymakers with the same timeline, demonstrating how the Cayman Islands backs its strong commercial offerings with an established record of effectively implementing global regulations that fight illicit crimes, including tax evasion and money laundering.

“Indeed, in all our meetings throughout the week, I underscored Government’s continuing commitment to global standards,” he said.

“These include standards set by the Financial Action Task Force for AML/CFT, which stands for anti-money laundering, countering terrorism financing, and countering proliferation,” he said. “Indeed, the Cayman Islands has already begun our preliminary preparations for FATF’s Fifth Round of evaluations. Official procedures to commence the assessment will take place in 2026, prior to the FATF onsite in 2027.”

DP, MFSC Minister A Ebanks (R) Deputy FS Rep Europe J Campbell (L) and US Representative Claudia Tenney

The Deputy Premier also spoke about the Cayman Islands’ cooperation with the standard-setting OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.

“The Global Forum sets the international standard and mechanisms, through which its members – now standing at 171 countries – exchange tax information with each other. This exchange of information helps tax and legal authorities around the world so that taxes are paid where they are due

DP, MFSC Minister A Ebanks (R) Deputy FS Rep Europe J Campbell (L)

Supporting the Deputy Premier during the visit was Government’s Deputy Representative for Financial Services to Europe, Julie Campbell, who works in the Ministry for Financial Services and Commerce. In addition to the reinsurance roundtables and media meetings, their meetings included:

1.     Department of the Treasury, Global Affairs and Tax

2.     Citigroup and Bank of America

3.     US Senate and House of Representatives Members

4.     House of Representatives Ways & Means Committee

5.     Senate Banking Committee

6.     Senate Finance Committee

The Deputy Premier thanked the Minister for Tourism and Ports, the Hon. Kenneth Bryan, MP; and the Minister for Sustainability and Climate Resiliency, the Hon. Katherine Ebanks-Wilks, MP, for covering various aspects of his responsibilities while he was overseas.

He returned to a busy week at home as he is acting for the Premier, the Hon. Julianna O’Connor-Connolly, MP, who is currently overseas on Government business.