Premier and OT minister in beneficial ownership talks
(CNS): Governor Jane Owen confirmed in a social media post that she and Premier Juliana O’Connor-Connolly are in the UK for various meetings, including one with the overseas territories minister, David Rutley. The premier appears to have been in London to discuss the matter of beneficial ownership with Rutley following recent comments by Deputy Foreign Secretary Andrew Mitchell that the UKOTs must do more to introduce open registers.
No official information has been released about her itinerary for these important meetings. O’Connor-Connolly appears to have been overseas regularly over the last couple of months, whether on official business or on leave, without issuing any information about her whereabouts or the reasons for her trips.
The premier and the governor have not said who is accompanying them on this trip to London, including whether or not Financial Services Minister André Ebanks is accompanying them. However, it appears they will be there for the remainder of the week.
The issue of beneficial ownership and Cayman’s commitment to creating public registers of who ultimately owns and benefits from companies and other financial vehicles domiciled here has been impacted by a ruling from the European Court of Justice (ECJ) relating to the potential of publicly accessible registers infringing on people’s human rights.
However, the ECJ’s decisions do not apply in this jurisdiction. The Cayman Islands, like all British territories with financial centres, is under pressure to introduce a public register and Cayman officials have committed to introducing this before the end of this year.
The transparency regime around the offshore sector was enhanced with the passage last November of the Beneficial Ownership Transparency Bill, which increases access to beneficial ownership information for relevant agencies involved criminal investigations. However, the bill did not provide for an open register.
Speaking last week at an event hosted by a British think tank, Mitchell said the crown dependencies and overseas territories will face fresh demands from the Foreign Office to comply with the establishment of public registers of beneficial share ownership.
“According to some estimates, 40% of money laundering around the world — this is money often stolen from Africa and Africans by corrupt businessmen, bent politicians and warlords and so on — 40% of that money comes through London and overseas territories and crown dependencies,” Mitchell said according to reports in the Guardian.
He predicted that with David Cameron as foreign secretary, the UK would “see a greater emphasis now on introducing these open registers of beneficial ownership” and said that the territories had “not yet done as much as they must do”.
“If these overseas territories and crown dependencies want to have our king and our flag, then they must also accept our values, which is why we are so intent on ensuring dirty money cannot flow in and from there,” he said.
The increased pressure may subside over the next few months following the announcement on Wednesday by UK Prime Minister Rishi Sunak that the British people will go to the polls on 4 July. Given that Labour has a 22-point lead over the Conservatives, it is highly likely that it will win and form the next government, which is likely to result in greater pressure on this issue.
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Category: Business, Financial Services, Politics
Between 1991 to 1993 the Caymanian Compass published a news article about Prince William becoming the last King of England and the Common Wealth Countries and the British Empire and Common Wealth Countries will be replaced by a 4 year voted President
During 1997 to 2000 the Cayman Islands almost became bankrupt and our people impoverished with poverty until the PPM Government took over the running of our country to put us back on good, stable financial standing with Moody’s Currency so that our Cayman Islands Currency would not be devalued
Fastfoward the above writings to the last 6 years where the United States of America almost went bankrupt teice and was not able to pay there government employee salaries
For those who may have not had the oportunity to aquire a decent learning college academic education, history have told us that the Roman Empire fell
https://www.history.com/topics/world-war-ii/the-holocaust
The question everyone should be asking is, will the British Empire fall??? and if that happens, how will that affect us living in the British Empire and the Common Wealth Countries???
Will we return back to the days and countries that time forgot, will we become impovrish and riddled with poverty like most third world countries???
I wish Caymanian would return to days when manners and Respect was shown to our elders and persons in authority. Regardless of what you think of the outfit she wore, its is her choice and she is due respect, she is the Premier of these Islands, an elder to most of you and should be shown The Respect she deserves Few will remember that saying ‘Respect is due to a dog’. No wonder we have lost another generation due to the example shown to them.
I guess you forgot the saying ‘Respect is earned not given’. you and your generation is responsible for the mess society is in now. you lack a spine, so you question nothing because they are in leadership positions and only cry when it’s too late. but you want to stand up against people making fun of her outfit.
8:09, So you are saying you feel no shame as a Caymanian that a very well paid Caymanian elected political representative wearing that outfit is representing us on the world stage?
Perhaps you think this is who we are but not this Bobo.
Regret to say that our Caymanian Premier is totally out of touch with her constituents with the exception of you.
I sympathize with your post 8.09…but respect has to be earned and deserved.
why am I craving for marshmallows?
Same reason I had to watch Ghostbusters this weekend.
looks like she has uggs on her feet
Is the dress Gold/White or Blue/Back?
“Just wear your best outfit” they said.
There is your premier…. What a disaster!
Not just her outfit, she isn’t fit to be the Premier, biggest joke and biggest embarrassment to the Cayman Islands. Remember the washing of McKeeva’s feet? What has she done for Cayman, absolutely nothing
Blancmange.
Let’s face it. It’s above our pay grade. Somehow, someway we elected these people.
My bottom line: Ms. Premier, please don’t take any more of my money. I already don’t have enough to ride out the rest of my life. I have worked hard here for over 40 years. Please fix the profound cost of health insurance. Don’t take any more from me please. I never wanted to be on the NAU, but if you all push much more, I will have no choice.
It isn’t right that people that worked hard and saved and raised families are nearly broke, while you all think of new ways to spend public money. Have a heart. Please. Just think of us. I will never, ever be able to afford to take my family to England, but you all do it like it is nothing. Have a heart. Please.
The Circus called – they want their tent back.
is that the upm circus?
I think the big bird dress inappropriate, our own RIba Dilbert is a fantastic dress designer.
Just think of all those fantastic costumes she does for Batanaboo
People stop worrying about Andre not being in the UK with her – she took Jay instead.
…aaaaaaaaarrrrrrrrrrgggggggghhhhhhhhhhhhhh! No, please, NO…..
I am wondering why the Minister for financial services didn’t go? . That is his expertise not hers. Yes she is educated but not in finances. Remember this is the same person who wants to spend $5.000.000 on a new school. Obviously she didn’t get good grades on. Finance not Financial Services exams.
Sadly yes – that is exactly what she did.
O dear God… was Mac too busy.? Seymour not able to donate his talents and experience,.? … This bunch of jokers is no longer able to fool us that they have any of the qualities demanded by their overpaid wallet stuffing roles as MPs.
Out out damn sloths..(apologies to Shakespeare).
Sweet Baby Jesus!
Let us pray!
Obviously by the thumbs up people didn’t realize the sarcasm. She took the one minister that it is rumored never finished high school. Jay is by no means a substitute for Andre and I am embarrassed that he was there to represent us.
My goodness we should have sent Big Bird instead of the little Brac bird if we were trying to distract the UK in negotiations. Let’s agree to not send Juliana to anymore important meetings about anything important especially the financial services industry.
She is not going to do anything until she finishes praying about it. That should give us another three years.
Ridiculous. Cayman needs knowledgeable professionals in the room when these matters are discussed at such a high level. What does JuJu know about BOR? In addition, Cayman needs to seriously push back on these demands from the UK and others. London is the home of sanctioned Russian oligarchs FFS! Billions have been poured into the UK’s real estate market by Russians who currently appear on global sanctions lists! How many of those multi-million dollar homes in London have been seized?? Clean up your own damn house! Cayman already has a robust beneficial ownership regime, which is about to become more robust when stricter measures passed in 2023 are implemented this year!
Re Caymanian Says 23/05/2024@ 11.19am.
I disagree with you that Madame Premier is not competent on the matter of Beneficial Ownership Records. After all she is a trained Attorney at Law and worked in corporate law for several years. You may view her as uneducated and she may not dress like the athletic young woman she once was, but please, do not underestimate her educational level and intellectual capacity! She has University degrees most people will never obtain. You got to have intellectual capacity to accomplish her educational achievements.
Just saying! Please respect her even if you do not like her!
😂😂🤣🤣😅😅🤪😜🤑🤑🤑🫡😶🌫️😶🌫️😏😏😒🙄
She also a trained PE teacher.
How’s that working out?
Sabrina is health minister…lol
She has no business having any serious talks with the UK. She is a Cayman Brac matriarch, they aren’t required to have any book smarts, just a strong-willed Christian image, lots of free breakfasts, and telling everyone they’re family to her. She is a local village chief who should not be Premier anyway. I tried asking her once about why her party’s position was what it was and she just repeated what the position was. Some of our MPs don’t actually have what they’re pleased to call their brains on – they’re just repeating the words they’ve heard and read during their many years in office. She is one such person. Whatever she did to educate herself decades ago, she forgot to better focus on platitudes, pleasantries and prayers. She speaks so slowly and in such an unsophisticated manner, I would imagine those meeting with her in the UK were extremely bored and found her points hard to focus on. Let’s be clear: there is no ‘job for JuJu’ that we need to send her away on. If it takes place off island, Andre goes.
Lol. What fine establishments were those degrees from?
One of dem frum Liwerpool Bobo.
Respect had to be earned..
Is that so? According to gov site:
Prior to entering politics, Mrs O’Connor-Connolly enjoyed a successful career as a Teacher, Accounts Assistant and Attorney at Law, having graduated from the University of Saint Leo with the highest cumulative GPA and later the Cayman Islands Law School/the University of Liverpool, where she completed her Bachelor of Laws.
Can someone provide details on her work experience as Accounts Assistant and Attorney at Law – years, firm, specialisation.
Certainly the best and brightest we have produced in the Cayman Islands.
Breathtaking hypocrisy as always from the UK. London, as the actual physical home to oligarchs and despots, is at the top of the Premier League of money laundering. Cayman is not. To indict Cayman is to indict the global institutional financial system.
What in God’s name does she look like. Wow. LOL.
Please please Cayman Brac East, I beg you to make a change in 2025.
not sure if those 25 voters get on the internet that much….
8:11, No she is a Queen on the Brac like McKeeva is a God in West Bay.
Such talented people in the Cayman Islands. 😂
A sad reflection on the political desert in the Cayman Islands.
These 2 are our best and brightest whether we like it or not.
sadly and nearly every country the people are better than the politicians and religious leaders who represent them.
We deserve better . I hope our polished educated Caymanians will come forward and save our beloved Cayman Islands from this shit show
ha…you should do stand up….!
The majority of the voters don’t want “polished educated”. They can’t fit in I am afraid we are stuck with these numskulls! What a freak show that must have been? carnival goes to London!
Save that outfit for Batabano
The Bible speaks about modesty, that doesn’t mean looking like that! That is freaky!
And black shoes to boot! A tan or cream color would have been better.
The unusual ugly outfit is the least of our worries. Why oh why is SHE, and not Andre, speaking to the UK about this. What an embarrassment for Cayman.
Please tell me that she can not have discussions eith them about this without Andre there!!!
She had Big Mac on WhatsApp advising her.
yep…mac..the guy who wore a tux to the royal wedding….
cayman can literally not go 5 mins without making itself look like a laughing stock
Gandolf wore something like that, although he did look less pear shaped.
Cayman offshore financial services firms are a tax and regulatory sham. How can you have as many hedge funds as people and maintain there is economic substance? Greed and inequity.
There are lots of different tax systems around the world, employing thousands of career experts to interpret various domestic tax codes. Today’s Cayman Islands has formalized automatic Tax Information Exchange Agreements (TIEA) with >19 world governments since 2012 to help them collect the taxes due. There is no safe harbour from tax paying in the Cayman Islands, though there are sometimes legal deferral mechanisms offered under the foreign tax regime. We did not author that code.
https://www.ditc.ky
Here is the US Treasury TIEA:
https://home.treasury.gov/system/files/131/TIEA-Cayman-Islands-11-29-2013.pdf
Cayman also has regulator to regulator exchange agreements in place for even longer, with Mutual Legal Assistance Treaty on crime from the mid 1990s.
https://www.cima.ky
Indeed but I fear your logical reply will be lost on many.
9:50, are you sitting at your desk in Delaware, London or Nevada as you pen this?
Tell us you know nothing about financial services without telling us…
Go ahead making jokes about the Premiers outfit while our financial services (the only real industry we have besides construction), comes under threat again.
Commentators want to focus on the Premiers clothes, which may be amusing to some, but seem completely oblivious to the fact that the subject of public registers has major implications for our financial services industry. Who would you rather have in the room with UK government on this – Ju Ju or Andre? yet he is nowhere to be seen. Sigh.
Nothing taken seriously with that outfit. Disgrace!
Andre is nowhere to be seen because he’s already been there and done that. JuJu just wanted another free trip. No doubt she’ll undue all the good work Andre has done over the last 2 years. I shudder to think what will come out of her mouth.
What a sh*t show.
Who’s in charge and makes those decisions?
Vote him in Cayman.
Hands down, Andre is the better choice when discussing any matter related to our financial services industry.
The 2025 Premier
Elvis!
No weed, no wote!
What exactly scares you about transparency of the public register of businesses? Hiding behind the smoke screen of a closed public register is hypocritical in that the registers will only be open to those investigating potential wrong doing. Who needs to be worried if they have nothing to hide?
The information is available to authorities already. What’s the issue with public registers? Well, to name a few:
1. Confidentiality – Either you value this or you don’t. Should the public know all your financial arrangements? How much you have in your bank account? Should they know how much tax you pay? Personal privacy is something most people ascribe value to, and public registers go against this. The ECHR agrees.
2. Safety – many people who have Cayman structures live in countries where knowledge of ownership can create genuine and serious personal danger. Kidnappers, government extortion, etc.
3. Harmonisation – Cayman’s life blood in terms of revenue comes from Financial Services. If the broader global community wishes to implement public registers everywhere then that’s one thing. It is not however equitable for Cayman to do so when other jurisdictions that compete with us do not have to. That will not solve the issue you are (largely imagining). It will merely move it elsewhere.
The UK can’t throw stones – their own Director and Shareholder registers only drill down to the Nominee Director level, not to the actual UBOs. We shouldn’t open our kimono any further than those offering a ruse.
We can only thank God that transparency is not an issue in this instance.
10:15, We have a lot to hide. Russian and China money.
…ok, so you live stream your online bank accounts on the “world wide webs”, if you are so “all in” on this…..
Confidentiality is NOT secreacy……..
Yet here you are posting anonymously. Put your real name and list all your financial assets. No, thought not.
To be fair, Andre could be obscured from view by the fancy dress attire.
There is not a single thing on this planet that is ever going to change enough to allow outsiders to see how much the city of London funnels through here. Ever.
They have too much influence in Westminster and have for a very very long time. It ain’t going to happen regardless of how many people ask for it.
Has anyone seen or heard from the Premier since she got this new position? Besides jet setting around the world, she seems to have no interest in talking to the public. It’s like our ministers forget why they are in office. Pretty disgraceful in my opinion.
Jet setting? Meeting with the OT Minister to discuss beneficial ownership is certainly no joy ride! I agree she nees to update the public but give her a break.
To think, the Premier was a physical education teacher on Cayman Brac before she entered Cayman politics in the last century.
If this is correct it explains quite a bit about what has happened to Cayman over the years.
Exercise pays off
no interviews or press briefings!
but ppl forget that ppm started that tradition.
just another day in wonderland!
Put me off mi lemon cheesecake!
What is that? No wonder Cayman is laughable. Better lemon in fridge for Gin and Tonic!
Suddenly I crave wedding cake.
YUK!
When is Halloween in the UK? What is that costume supposed to represent? Such an embarrassment. Still a small improvement over the usual house dress and slippers. Protocol office can’t you help with the wardrobe?
IMHO, Cameron is a globalist dolt.
Wasn’t Cameron caught up in the Panama Papers?
https://www.bbc.com/news/uk-politics-35992167
Oh my, another MP makes a fashion statement.
I wonder how many pictures were taken to get David’s face to look like he takes her semi-serious? What a circus of a government we have.
None of these people will be the Ministers in a weeks time.
And the ones that replace them after the July election will be much, much worse on the issue of public registers, and will probably want us to add a “global” income tax as well.
Meh. The only decent Tory is a lavatory.
7.19..Wait till you see what A Labour government will do to Cayman.
8:34, Could not be much worse than what happened to the UK after the Conservatives pulled the UK out of the European Union.
UK is the only country in the EU the past 5 years that has had negative economic growth. The Tories and Boris Johnson sold the public on a rotten bill of goods.
If you think the worst Labour could do to these islands and what many of their supporters would love to do, would cause no GDP growth for 5 years, you’re hopelessly deluded. Without financial services Cayman becomes Turks. If we’re lucky.
And Jamaica if we’re really unlucky…
Saunders doing his best .
My grandma called, she wants her curtains back.
These ministers make so much money and won’t put any of it into getting a decent wardrobe or hiring a personal trainer. It says a lot to not care about your appearance and it sends a terrible message to our young kids. Juju has to do better this is just embarassing.
You are too funny. Sorry for your granny.! That is now the national dress and Juju is holding on to it.
Can we, the voting and revenue paying public, not have a say in what our Premier wears when out in the great wide world?
It’s Nunavut Ambassador. Get your territory right and show respect to those you represent.
It was just a little play on the word. Loosen up your took eh?
Bit of a stupid play poutine head.