Deputy premier seeks to win hearts and minds in USA

| 27/03/2024 | 29 Comments
Financial Services Minister André Ebanks at a Cayman Finance roundtable in NYC

(CNS): Deputy Premier and Financial Services Minister André Ebanks spent last week in Washington DC and New York City attempting to win over the hearts and minds of US politicians and the media in relation to the Cayman Islands’ position as a financial centre. Ebanks was in the US for over a week, from 13 to 21 March, to listen to their views on global industry matters and to update them on Cayman’s business viability. The minister held various meetings to promote the jurisdiction, which is no longer on any significant grey or black lists.

“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.

Ebanks also held introductory meetings with DC-based journalists 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,” he 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,” he added.

Ebanks said he 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.

“In all our meetings throughout the week, I underscored government’s continuing commitment to global standards,” he said.” “[T]he 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.”

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, which 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,” Ebanks explained.

Supporting him during the visit was CIG 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, the Cayman delegation met with the Department of the Treasury, Global Affairs and Tax, Citigroup and Bank of America, US Senate and House of Representatives members, the Ways and Means Committee, and the Senate Banking and Finance committees.

The deputy premier has since returned to Cayman, where he is acting as the premier while Juliana O’Connor-Connolly is overseas on undisclosed government business. Neither the purpose of the premier’s trip nor where she has gone has been disclosed.

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Category: Business, Financial Services, Politics

Comments (29)

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  1. Anonymous says:

    This uncommunicative, unelected Cabinet should really worry about the hearts and minds at home. Not happy. No progress.

  2. Anonymous says:

    Strange that the DoT can’t seem to correct the name of the destination with many airlines, or advise them that paper entry forms are optional for those with machine readable passport or nothing to declare.

  3. Anonymous says:

    Trump has a Cayman plan!
    I seen it with my own eyes.
    Elvis has a copy! or maybe the original

  4. Anonymous says:

    I hope his discussions with the press entities reminded them that there is no such place as “The Caymans”. Maybe before I pass on they, film/book/TV writers, etc. will stop that rubbish.

    • Anonymous says:

      It’s colloquial slang.
      Just like the Brac and Little Cayman are the outer islands.
      And New Zealand is the Eastern Islands

      • Anonymous says:

        It’s THE CAYMAN ISLANDS and the Brac and Little Cayman are THE SISTER ISLANDS.

        NO Caymanian says “The Caymans” or “The Outer Islands”.

    • Anonymous says:

      Stop being so pretentious. The Caymans’ own tourist board advertised it as such back in the 1970s. Did you know what they meant? Yes. Then STFU.

      The only purpose of policing people’s speech is as a crutch for people of little intellect and even fewer achievements in life, to attempt to contrive a basis on which to look down on others. It reflects badly on you.

      • Anonymous says:

        Saying “The Caymuns” is just plain wrong. It’s like pronouncing Edinburgh in a way that rhymes with iceberg.

        You obviously surround yourself with people who also get it wrong. This is probably very common given the fact that more than 50% of people in Cayman are not Caymanian.

        But I don’t know why I even bother because I doubt you want to learn from your mistake. Since you your so intelligent I guess you don’t have to respect the place you live or the native people.

    • Anonymous says:

      “Wire that money to the Caymans” is a great movie 🎥 🍿 line. No insult at all. Embrace it.

  5. Anonymous says:

    Eventually, it’s going to be tough to win “hearts and minds” while also hiding a $2Bln Balance Sheet hole. The credibility gap is getting wider and wider, not closing.

    • Anonymous says:

      Major economies have far, far bigger fiscal problems and will be forced to get together at some point and forgive all their debts to each other. Cayman just has an actuarially derived figure for the amount of this liability but it bears no relation to the actual cost of paying for post-retirement healthcare benefits each year for the specific group of retirees entitled to them. If you think some US Rep’s aide whispering in the ear ‘actually sir, this territory has an undisclosed liability’ they will say back ‘have you forgotten which country you’re in – do you know how many secrets we have and tricks we use – obviously not’.

      • Anonymous says:

        Major economies already have AA credit ratings that don’t require a parent-nation’s sponsoring backstop. At maturity, the bond debts outstanding are due with interest OR a default spirals the country into chaos for generations. Nobody is forgiving AA rated bond debt. There is no secrecy in force in the Cayman Islands – except in the CIG, who refuse to provide accurate transparent accounts.

  6. Anonymous says:

    Has anyone thought that development is a great way to launder proceeds of criminal activities? Anyone checking these developers out?

  7. Anonymous says:

    Thank God there is at least one adult in the room representing CIG.

  8. h says:

    Why noone winning hearts and minds in Cayman, just same ole government criminals crapping!

  9. Anonymous says:

    So given Cayman is tax complient and there would be no tax evasion etc. then what is the benefit US entites will get by being domiciled here. another waste of tax payer funds.

    • Anonymous says:

      Think harder. If that does not work then talk with someone with knowledge who works in the financial sector. I am sure they can explain.

    • Anonymous says:

      Tell us you don’t have the first clue what our financial sector does without telling us.

    • Anonymous says:

      Apart from Cayman Funds contributing to 40% of all the overseas investment in US Companies.

      US Companies need overseas investment and money to survive.

  10. Anonymous says:

    Good work if you can get it. Also I’m glad our tax dollars are being spent on JuJu and her entourage going to undisclosed places to do undisclosed things.

    • Anonymous says:

      Not as much fun as Mac Jay and Eric’s jaunt to La Ceiba I’ll bet… but same waste of public funds.

  11. Anonymous says:

    With the joke show our current government puts forward, how can he expect anyone to take this place seriously. The fiasco of McKeeva Bush, our track record on labor issues which is headed by none other than Duane Seymour and the very obvious sell out to money developers and the latest leadership change led by Juliana O’Connor-Connolly. All these things get plastered all over the news yet our finance minister goes like things are all great in the land of Oz.

    • Anonymous says:

      I have only contempt for most of our politicians, but (a) Andre actually seems to be the exception; and (b) to our immense fortune, the people who matter beyond our borders are not interested in domestic Cayman minutiae.

      Consequently, JuJu can squander millions on her dumb school bribe, ‘Crack’ Kenny can boost his ego and trash the Islands with more unwanted and damaging tourists, and Chris ‘Garrison Politics’ Saunders can try weaponise xenophobia – and no one important cares.

      As long as the local side shows don’t impact international finance flows, all is well. Threats which may yet materialise however include: (1) appointing idiots to run financial regulatory agencies simply because they are Caymanian; and (2) a complete failure to invest in the Financial Services Division of the court system, so we have third world court infrastructure.

      Cayman does risk killing the golden goose, but not with domestic trivia.

  12. Anonymous says:

    should have sent John John.
    or Kenny

    They would impress them.

    • Anonymous says:

      Or both. Then include Jay and I believe that would be the holy trinity.

    • Anonymous says:

      Thank God for Andre.
      Without him and Panton there would be nobody in our UDP (by default) government, with any education or integrity.
      Surely even Mac, Saunders, Seymour, Kenneth, Bernie and Jay supporters can see the difference.

      • Anonymous says:

        They do – that is why he is Deputy Premier.

        Barring an upset by the Progressives which seems really unlikely – Andre should be the next Premier. The Premier is whoever commands the support of the House, and the House supports as Premier whoever the public supports, and then they jockey to get behind that person into their administration. So as long as Andre remains the best of that bunch, he’ll be next.

        • Anonymous says:

          I hope he does become Premier, but with Panton and the educated members of the PPM as well as Dann Scott and Marco Archer in the mix.

    • Anonymous says:

      hahahhaa!! best comment this week.

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