Minister tackles misperception of Cayman in UK & EU
(CNS): Financial Services and Commerce Minister André Ebanks headed a delegation to London and Brussels recently spreading the message about Cayman’s role in anti-money laundering, Russia sanctions, international tax cooperation, sustainable finance, transparency and good governance. Despite continued efforts over the years around the world, the image of Cayman as a tax haven has been hard to shake. However, Ebanks said it was important to keep trying to change erroneous perceptions.
“Building this mutual understanding, which moves both sides of the table beyond misperceptions that may be held, is vitally important to the Cayman Islands’ socioeconomic health, as well as the socioeconomic health of the countries with whom we had the opportunity to meet,” Ebanks said in a press release this week about the overseas trip.
He said that stakeholders were keen to talk about further strengthening the global partnership to fight financial crime, as well as interests they share with the Cayman Islands, including international developments in virtual assets regulation and sustainable finance (also called green or blue finance).
The delegation also dealt with questions about how the Cayman Islands’ financial services and commerce industries operate from a regulatory and tax transparency perspective and the constitutional relationship with the UK. They also explained the Cayman Islands Parliamentary process that enables global standards and initiatives to become law.
Ebanks said these indepth conversations are vital during overseas engagements, particularly when there are rotations in EU and UK staff and elected officials.
“For instance, the EU Presidency rotates every six months among the EU 27 Member States,” he explained. “Having face-to-face discussions with both the outgoing and incoming administrations gives us an opportunity to share updates, and to gain insights, with officials who have weighty responsibilities for financial services and commerce matters.”
The delegation included Parliamentary Secretary Katherine Ebanks-Wilks, Cayman Islands Representative for the EU Deborah Bodden; and Cayman Islands Financial Services Representative for the UK Gene DaCosta. Between 16 and 20 May they met representatives from a dozen groups and organizations in the UK and EU. These were:
- The EU Code of Conduct Group
- The Directorate-General for Taxation and Customs Union
- Directorate‑General for Economic and Financial Affairs
- Directorate‑General for Financial Stability, Financial Services and Capital Markets Union
- EU Member States Permanent Representatives, including of the Czech Republic (incoming EU Presidency), France (outgoing EU Presidency), Germany, and Cyprus
- The Channel Islands
- Members of the UK Shadow Cabinet
- Foreign and Commonwealth Development Office
- Industry associations
- The Cayman Islands All-Party Parliamentarian Group in the House of Commons
The delegation then joined Civil Aviation Authority of the Cayman Islands representatives for the European Business Aviation Convention and Exhibition (EBACE) from 23-25 May in Switzerland.
“Among many highlights, one standout was meeting our Cayman Islands students who are studying in the UK. Talking with them about their studies and plans, and encouraging them to take full advantage of their opportunities while taking challenges in stride, was a proud Caymanian moment for all of us in the delegation,” the minster said.
Ebanks is scheduled to appear on Radio Cayman’s Talk Today programme on Tuesday, 7 June, at 12:30pm to talk more about the meetings. A CIGTV appearance is also is planned, the release said.
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Category: Business, Financial Services, Politics
Most people in the UK don’t know where the Cayman Islands are or anything else about them. First thing they ask is, “Where is that?” and second is “Is it cheap to visit?” 🤣🤣🤣
I live in the US and have been traveling to Cayman for over 20 years. No one in the US knows where Cayman is. When I say where I am traveling to or returning from everyone always asks “where is that?” No clue.
“Oh, the Grand Caymens? What state is that in?!?”
Most people in the US know Cayman is not in the US, but they really do not know where it is located.
If PACT are still turning a blind eye to the indictment checklist and suggested remedial action points in the 2018 CFATF Report; ongoing civil admin, legislative, and judicial corruption, even within their “coalition party” membership; the police and coast guard not doing their interdiction jobs – with no local gang leadership being disturbed or arrested; crooked white collar SIBL violators who need to be arrested by FBI agents when touching down stateside; we host loosely-regulated ICO and cyber currency exchanges where criminals can set up accounts online with a SIM card number; cash for gold businesses and illegal smelters, then what is the misperception exactly? We literally celebrate Pirate’s Week every year, like nurturing outlaws is something to be proud of. We have convicted criminals working as Department Heads, MPs and as Speaker of the House. Maybe we deserve this well-earned pirate reputation, especially if we aren’t taking material action (as promised) to correct it.
PACT is out version of Biden…..doing nothing. They continue allowing the abuses of our systems at the costs of Caymanian oppirtunity and the futures of their children. Maybe Pantin is going for knighthood.
In today’s woke culture going forward money laundering term shall not be used as it is offensive to the Cayman Islands. The correct term will now be known as, financial engineering and management.
CIG to amend laws to fix their/CIMA KYC screw up relating to the course passports. Makes no sense to fine entities for having copies of expired passports. An expired passport is still a valid ID to prove nationality.
Hon Minister you need to pay more attention to your Ministry rather bill than go for a jolly.
If you want to keep collecting fees, then get up-to-date due diligence.
An expired passport is NOT a valid document for any current data about the individual. I am guessing you are the finacial service firm that should have had your license pulled a long tome ago….am i close bro?
So when your passport expires you cease to exist?
Do I cease to be a countries national…maybe…got 3 friends that have given up their US citizenship….have I legally changed my name…maybe….name used to be bruce and is now Caitlin….am I still a male…well..
On expiry, it definitely ceases to be a valid and useful travel document. Valid ID is useful information that law enforcement often relies upon to affect an interception and arrest. In the McAlpine SEC conviction, it’s curious that the SEC still believes a child of the 60s can remain 49. Mistakes everywhere it seems.
CNS: The reference here is to Canadian stock broker Andrew McAlpine (see here).
So Deborah is working, what you say Duggan and DaCosta are up to?
Errr…you can look up and see Gene in the picture? No idea about Chris Duggan mind you!
Can someone help me understand why we have 2 UK Reps—1 for Financial Services and the other ??? We were able to do with one all along….now what?
Can someone explain the need for the Financial Delegation to join the Aviation conference in Switzerland – what are their qualifications in the Aviation field.This is simply an excuse for another jolly and communal drinks at the bar at the expense of the taxpayer.
Say it like it is : I beg to differ that was a great iooortunity for the Findncisl Services Ministry to be able to speak with persons snd com companies present of the benefits and services that Financial Sevices institutions can offer based on best practice legislation in place. To criticize without merit I’d is bloody stupid . If you have nothing good to say then don’t say anything.
7.08pm They are there to discuss maritime subjects not to listen to finance salesmen, I wonder what business we obtain from these conferences-I wager no record is kept.
You are welcome to your opinion, but do not reveal your lack of decorum by hurling insults as so many do in this medium.
“Say it like it is” – To your CAA question..CAACI has hundreds of multi-million aircraft on Cayman’s registry. Obviously CIGs Financial Services love the opportunity to “network” with the owners of such aircraft.
While CAACI may benefit the public coffers by attracting registration fees, the benefit of FS staff attending such events is dubious…it’s not about their lack of aviation quals, it’s about their purpose. The owners of those multimillion $$ aircraft which the FS seek to meet don’t attend those events – they send their buyers, not their financial advisers.
Jollies, expenses AND free air miles on us!
Whenever anyone overseas suggests that Cayman is a black hole for dirty money I suggest they come on over here and try to open a bank account and make a cash deposit.
I tell them that if they succeed I’ll pay for their air ticket and hotel.
Meanwhile the USA is known as the best place in the world to launder dirty money and hide it in Nevada, Wyoming or Delaware companies.
What does your PS do? Guess she just went along for the vacay. Both of you should stop galavanting on our dime. Just wasting our money and your time.
Kenny boy taking every civil servant he can find on a jolly.
Exactly what experience does Ms Bodden bring to this position? She was in social services not financial services!!!
I believe she has sound knowledge of Government Policy & Public Administration which are well suited for her post.
No matter what “experience” or “qualifications” Ms. BODDEN has…the hate will still come forth on this platform.
None but she used to be one the favorites for King Franz and Sir Alden. It’s not what you know but who you and who likes you in the service
Maybe they liked her because she did her job!
Didn’t minister Rivers try this in Hollywood? Well good look with that Andre. Until we totally clean up our act, including the potential for laundering in hard asset transactions words are meaningless.
And Alden thought serving Caybrew to London dignitaries would work
Congrats on OBE to Cindy for failing to get our tax neutral message across, failing to act on nearly a decade of accumulated SARs, failure to supervise SEZ white collar criminals, and blacklisting for disregarding CFATF action list by deadline. Fantastic work.
Nice try but none of these are under CIMA’s remit. Tax neutrality message and the special economic zone are under ministry of financial services, SArs are under the Financial Reporting Authority, Cayman is not blacklisted by CFATF and what remains to be done has nothing to do with CIMA. do your homework before spreading misinformed dribble.
Not their remit? Our Regulator hasn’t been regulating adequately. Headline after headline on issues they’ve missed, some involving same characters drifting from one SIBL to the next. The CFATF report catalogued a dozen unactioned SARs over a decade. Who’s job was it, if not Cindy Scotland? Congrats.
Financial Reporting Authority (FRA) is responsible for investigating Suspicious Activity Reports (SARs).
The Financial Reporting Authority (FRA) is what falls under the remit of the Portfolio of Legal Affairs, which is under the control of Hon. Attorney General Bulgin QC.
However, with respect to introduction of or amendments to legislation (whether primary or subsidiary), it is the Ministry of Financial Services that usually is responsible for (and takes the lead) on such issues and policy.
I’ll write it for you slowly: CIMA. Is. Not. Responsible. For. Actioning. SARs. The law does not give CIMA this mandate. Don’t believe me? Go check it out. All laws are public and available on the internet now.
So what the hell do all those overpaid people in CIMA do all day and every day???? A former employee left because she said it was the most boring job in the world with everyone sitting around doing nothing or making work.
Not sure. Wonder what AG has been doing all these years too?
SEZ white collar criminals are a major problem.
But owned by the Kirkconnell’s so there will never be consequences.
Not Charlie’s fault. Charlie has highest level of integrity.
But his clients that pay him fees and avoid CIMA and WORC scrutiny by locating in the SEZ don’t , so where does the responsibility fall?
Let’s be honest. These islands are a tax haven. It is impossible for 70,000 people to manage over 12,000 hedge funds and insurance companies. Zero income tax has led to an increasing class society with those at the bottom (mostly Caymanian) struggling.
To claim not a tax haven is utter nonsense.
being registered in Cayman and being managed in Cayman are two different things, isn’t it?
Most don’t understand this. However, the caveat is that both “registered” & “managed” entities/funds present legal obligations for the CI Financial Services & Companies Registry to timely & accurately record, monitor, and report AML/KYC/KYCC concerns.
Exactly. Registering here with not real purpose except for lapse regulation and no tax = tax haven. Anyone with a modicum of intelligence can see that
That’s simply not true; there are 50,000 funds here not, not 12,000.
Exactly. We should celebrate being the best tax haven in the world to boost business. For the gardeners, security guards, teachers and construction workers there has to be income tax to spread the love. Indirect tax is the most regressive tax known to man and CIG’a greatest income generator.
Cayman is a tax neutral jurisdiction with dozens of MLAT, tax treaties and exchange mechanisms. It’s not a free parking safe haven from any obligations to foreign tax agencies, and anyone playing that game is going to loose. Cayman residents pay duty-based consumption taxes on everything imported. There’s nobody not paying taxes of some sort here. We just don’t add extra tax on the capital ledgered here, and treating that money kindly and competently has built a competitive lawful industry. Struggling Caymanians are a different unrelated topic, but also benefit via robust CIG services funded from the engine of finance you resent.
You are delusional. Indirect is tax is the most regressive form of tax. Fact. Unlike cope and paste lawyers, Teachers and nurses etc pay an enormous % of their disposal income on tax.
Imagine what they would have to pay without the financial services here footing most of the bill.
And they would be better off without all the fees those funds pay would they?
You truly have no idea how this industry works.
Perhaps speak to any of the thousands of professionals who service these entities and understand the processes in place, not to mention the thousands of others around the globe who play a role in keeping the Cayman industry going.
Our jurisdiction is aware of what’s at stake and simply can’t afford to let standards slip.
Your flippant remark is a disservice to a pillar industry of Cayman which supports a large portion of the population, directly and indirectly.