Panton chooses finance over climate for o’seas talks
(CNS): Premier Wayne Panton turned down an invitation to present the keynote speech at a climate summit in Turks and Caicos this week in favour of attending the Caribbean Financial Access Roundtable in Barbados being co-hosted by CARICOM and Maxine Waters, chair of the US House of Representatives Financial Services Committee. The talking shop covered de-risking and correspondent banking, European Union lists, and the changing international standards to combat money laundering and terrorist financing.
“As a leading global financial services centre, with vast experience in navigating financial services issues, it is important for the Cayman Islands to be an integral part of these discussions with US Representatives and Heads of CARICOM,” Panton said in a release. However, there was no indication why André Ebanks, the financial services minister, had not attended so that Panton could address the regional climate summit, given his own portfolio of climate resilience.
During the talks, Barbados Prime Minister Mia Amor Mottley made headlines when she criticised the disproportionate impact that the current global anti-money laundering (AML) regime has on small developing countries, given the lower risk they represent compared to large developed nations, where most of the illicit activity actually happens.
She said the region was “unflinching” in its efforts to stop terrorism and crime as well as the financing of both of them. “But the current régime, we believe, of anti-money laundering and countering financing of terrorism is so transparently flawed, that it is likely to end up being counterproductive, inadvertently…supporting crime and the sponsorship of financing for crime,” she warned.
Mottley said the international process of fighting money laundering should be more focused on money laundering itself, as she called for a stop to placing countries on sanctions lists “unless there is also actual evidence of the material money laundering” because currently, countries that are routinely on the anti-money laundering lists have very little international finances.
“The rich countries develop and drive the lists,” she said. “Those countries do not appear on the lists and criminals can see and follow who do not appear on the list. And it doesn’t take a Solomon to know which and where is the path of easiest resistance,” she said.
Meanwhile, at the summit in the TCI on Friday, which was International Earth Day, leaders from the overseas territories and other small states in the region discussed the existential crisis the planet is facing and the disproportionate impact that has on small islands nations. But there was no representative from the Cayman Islands.
Walter Roban, Bermuda’s deputy premier, delivered the keynote speech after Panton turned down the invitation. He noted that although small island nations do not contribute much to the causes of climate change, they are at the forefront of the consequences. He said that over the next couple of decades rising sea levels, extreme weather and other climate-related issues will have a major impact on the region.
Roban pointed out that the overseas territories control one-fifth of the world’s marine estate and are crucial to the global climate goals. Therefore, the territories must work together and use that strength as leverage.
Among the resolutions put forward by Roban was the creation of “no-build” areas to protect the most vulnerable areas of coastlines around the territories. He also urged the territories to ensure that they directed as much “enthusiasm” into protecting environments as they do into developing their tourism economies.
Back in Cayman, in his Earth Day Message, Tourism Minister Kenneth Bryan focused on the creation of a new task force focused on anti-littering and beautification. (See Tourism minister creates clean-up task force)
By noon, no message had been released by the ministry for climate resilience and sustainability.
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Category: Business, Financial Services, Politics
For those wondering why Panton did not attend the Caribbean Financial Access Roundtable: If you are willing to do just a tiny bit of research before being critical, there actually IS a quite clear indication as to why Premiere Panton and not André Ebanks, the financial services minister, attended the Roundtable.
(HINT: Check the list of attendees to the conference.)
Further to 10:51:
Here is the answer:
Among the delegates invited to attend the event include:
–the President of Suriname
–the Prime Minister of Trinidad and Tobago
–the Prime Minister of Belize
–the Prime Minister of Dominica
–the Prime Minister of Grenada
–the Prime Minister of St Lucia
–the Premier of the Cayman Islands
How would it look if the Cayman Islands–one of the world’s leading financial centres–chose to ignore the invitation for the Premiere to attend and sent just a lowly Cabinet member?
Andre Ebanks is Minister of Financial Services. It would be very appropriate for Minister Ebanks to attend, at least, if it were the case that Hon. Premier Panton could not otherwise attend himself.
@9:25:
But such was not the case. The Premiere could and did attend. Panton made the right choice. Bravo!
I hope that right choice does not die of loneliness.
–10:51:
Sorry, I meant to say why why Panton did not attend the climate talks and chose to attend the Caribbean Financial Access Roundtable.
Leave the poor man alone – he should talk about what he is passionate about and the topic that he has experience in.
Climate, sustainability, environment – he knows NOT and his ass-fumus PACT shows that to us every single day.
Maybe because Wayne has history with Mia?
Maybe because Maxine Walters was there?
Maybe because the financial services industry is crucial to Cayman?
Maybe the TCI conference was deemed to be lots of small island nations that have little impact on climate change talking to one another?
Thank goodness our Premier was there. Excellent speech by Mia that hopefully will be conveyed back to Washington.
Maxine is nuts. Hope he can get her attention.
Party time, excellent.
Relief for Turks and Caicos I would have thought. Panton is a laborious, long-winded speaker who goes on and on and on…..and say, absolutely nothing!!
Oh dear! The ambassador for climate change and the environment seemed to have lost his passion for clean air. Any way one can only pretend for an indeterminate amount of time.
Surely, Andre or Chris should have attended the Barbados meeting ? Wayne Wayne Wayne SMH!
It was a conference for HEADS of STATE.
Actually it was a Finance Ministers conference. Burt and Mottley are Finance Ministers for their countries. Chris Saunders should have gone but Wayne could not afford that.
Would help if you understood the distinction between Finance (treasury) and financial services (banking rules and regulation of foreign exchange).
Andre is the Minister for Financial Services not Chris.
Would have thought people would understand this by now…
Chris is the Deputy Premier, therefore he is required to be able to represent every Ministry when called upon to do so! Perhaps it is you who needs a lesson in Cabinet
Glad Chris didn’t go, delegates might have thought he was representing Jamaica.
Come to think of it, he is.
So why was Wayne there? He’s not the head of any state.
Walkers-Wayne is not Premier?
I cant believe we are still clinging onto the “Wayne will save the environment” slogan. Folks it was a vote getting trick and it worked. Expect nothing more!!
The Premier is well capable of defending himself and explaining his decisions.
However, the primary pillar or driver of the Cayman economy is the financial services industry. I think we can all agree that the last two years of the COVID pandemic has confirmed this fact.
Therefore, having the Premier attend a CARICOM event where important topics including “…de-risking and correspondent banking, European Union lists, and the changing international standards to combat money laundering and terrorist financing.” are key areas where a first class offshore jurisdiction should have its leader in attendance.
Barbados Premier Mottley is firmly established as the leader of the Caribbean. However, Barbados does not play a significant role in offshore financial services like the Cayman Islands. It was important for the Premier to be present and to participate given the overall rthreqts our industry. That does not mean that the environment, climate change and sustainability are not important because we know those subjects are very important.
If Cayman does not have its leader or best representative present for key discussions and networking opportunities with US Officials including Maxine Waters Chair of the Financial Services Committee that would be irresponsible and lead to bigger headlines and greater speculation.
Cayman’s Financial services industry feeds all other sectors of the economy including real estate development and tourism. It represents over 70% of our GDP and every effort must be made to support, protect, and grow the life blood of Cayman’s economic miracle at every opportunity. To do otherwise would be reckless and irresponsible.
Best regards
Johann Moxam
Agreed, this was a must attend for the Premier, especially when the region’s heads of state were in attendance as well. No question that the CARICOM meeting was the priority.
So tell me why our deputy could not attend similarly to the DP of Bermuda? It just goes to show where the important interests of our government is at? There is no future for the next generation if all our beaches and coastal areas disappear. We have banks but no beaches. Ok lets pick up litter is our next sustainability slogan?
“The Premier is well capable of defending himself and explaining his decisions.”
Then don’t insert yourself, Johann. Maybe focus on why we have a silly guard hut instead of just switching designated lanes for airport pickups and drop offs.
Thank you Moxam for your candid style and logical approach getting involved the way you do.
We can drop off and pick at the airport because Moxam showed leadership and called the nonsense out at the airport. Plus inserted himself as the chair to address the silliness which caused the change you ungrateful sod.
The same outcome could have been accomplished by having private cars use the bus/taxi lane toward the short term parking lot, you muppet.
The new silly guard hut is a Caymanian classic. A total joke. Seen nothing like it in the Caribbean or America.
Who came up with this totally dumb idea? They need to look at the new airport in Bermuda and see how it is run. We can learn.
Won’t Minister Andre Ebanks be more competent to represent the Cayman Islands, despite not being the Premier?
@11:35:
This was not about competence, it was about power. It was a power summit, not a conclave of Cabinet-level peons. The ultimate decisions are political ones. It was also a propaganda/PR platform for the USA. The mission is to get the world on board with American objectives. Thus, the regional attendees were invited leaders of their respective political systems.
If that is all acceptable, shouldn’t someone have attended the climate change meeting as well? That is also a bigger overall threat. Is Wayne the only capable member of cabinet ?
But why did nobody attend the climate change summit ? Wasn’t that important as well ?
In related news, McKeeva turned down an invitation to give the keynote address on preventing violence against women, JuJu on improving the education system, JonJon on the importance of getting in phase with the moon, and the rest of PACT on just about anything.
Isaac threw a three day Covid spreader party in East End over the weekend!
Maybe he can grow a set like the lady from Barbados.
That is desirable, but doubtful.
The ministry with responsibility for climate resiliency is a joke. It should be disbanded immediately as it is just a waste of money.
Maybe he can get in on a tree planting ceremony while at the conference seeing the CPA just allowed a whole bunch of mangroves to get bulldozed so a TAG client can build a building supply yard in South Sound!
First he should bulldoze Windsor park, that will scrape clean some of the trash in GT.
And the whole of Bodden Town.
Infested with status garbage. Be selective, don’t allow any and everybody into your country.
Starting with you sir/mmse rubbish.
And Swamp/Eastern Ave.
King soon move in there once he finish with Scranton.
@article:
“..there was no indication why André Ebanks, the financial services minister, had not attended (the Caribbean Financial Access Roundtable) so that Panton could address the regional climate summit.”
The better question would be why there was no representative from the Cayman Islands at the climate conference.
Anyway…The jury is still out on whether or not it is too late to do enough to avert extinction scale climate disaster. It seems that politricks plays a big role. In spite of all the hoopla and predictions of human extinction, not much has been accomplished in the past decade. This is evidenced by one stark statistic: the increases in CO2, the leading greenhouse gas and prime global warming suspect. Global energy-related carbon dioxide emissions rose by 6% in 2021 to 36.3 billion tonnes, their highest level ever. Got that? Highest level ever!! Humanity is on its way out, folks and we are having quite a good time effecting our own demise. Environmentalists should be ecstatic about this because they say humans are the main cause of all the bad that happens to the Earth and Earth’s environment. Without humans around Mother Earth can cleans herself and return the pristine state she enjoyed prior to humans coming on the scene. Do you think she will miss us? Maybe in time, she will spawn a far more environmentally responsible dominant species. Now THAT would make environmentalists smile. Too bad they will not be around.
This is a great, albeit depressing, comment
Paris 1.5’C will be reached by 2024, two years from now. IPCC says CH3 emissions have to be halved by 2030, but G20 agricultural subsidies prevent any responsible discussion of human diet change. “Plant based” mentioned 244 times in 2022 AR6.
Kudos Mia, albeit your concerns fell on deaf ears. Maxine Waters is a low level politician in Washington with absolutely no influence.
Wrong
You have no clue what you are talking about
@12:39:
Water is a low level politician? Seriously??
If you only knew what you are talking about. I am certainly not a Waters fan but let’s set the record straight:
Rep. Waters is among the most powerful House members.
She is the Chair of the House Financial Services Committee. It is the House Committee that has oversight over the entire financial services industry in America: the securities, insurance, banking and housing industries.
According to the U.S. government House website Congress has set forth the jurisdiction of the Committee on Financial Services as follows –
(1) Banks and banking, including deposit insurance and Federal monetary policy.
(2) Economic stabilization, defense production, renegotiation, and control of the price of commodities, rents, and services.
(3) Financial aid to commerce and industry (other than transportation).
(4) Insurance generally.
(5) International finance.
(6) International financial and monetary organizations.
(7) Money and credit, including currency and the issuance of notes and redemption thereof; gold and silver, including the coinage thereof; valuation and revaluation of the dollar.
(8) Public and private housing.
(9) Securities and exchanges.
(10) Urban development.
In its scope are, the Federal Reserve, Department of the Treasury, and the Securities and Exchange Commission.
The “Banking Committee” as it is sometimes referred to, is one of the most powerful committees in the House and its present Chair is deemed to be among the most powerful House members. Her position in the ruling party makes Waters currently one of the most powerful women in American politics. Congresswoman Waters was named in Time’s 100 Most Influential People of 2018. Her power has grown since then.
There, you have been schooled. Now say thank you and do some research next time you feel the urge to comment from darkness.