Panton urges Owen to speak for financial sector

(CNS): Premier Wayne Panton said Friday that Jane Owen, in her new role as governor of the Cayman Islands, should not act only on behalf of Britain’s interests, and made it clear that he hopes she will help to promote Cayman’s financial services sector and help get the jurisdiction off the FATF grey list.

As he delivered an address in parliament to the fifteenth governor of the Cayman Islands, Panton welcomed Owen and outlined the work of his ministers and the PACT government in general. He also stressed his hope that she would speak for Cayman and its people and not sacrifice it for UK interests.

Owen’s past diplomatic placement in Switzerland and Lichtenstein was welcomed by Panton, given the importance of financial services in those countries. He said Financial Services Minister André Ebanks was definitely relieved by her “real-world knowledge” of the industry.

“We have welcomed and enjoyed the support of successive governors who remained genuine advocates for the Cayman Islands and utilised diplomatic channels in support of the financial services industry,” he said, noting that this was true of Roper and he was confident it would be true of Owen, too.

“The Cayman Islands have held a close yet unique relationship with the UK that has evolved over the decades,” he said. He told the governor that there was no significant activism here calling for independence, but the people were proud of the “hard-earned” constitutional advancements to date, which have strengthened the democracy.

He stressed the separate roles and duties of the local parliament and government and her office.

“Some hold the misperception that the governor only represents and protects the UK’s interests,” he said. “Successive governors have demonstrated that this relationship is reciprocal, and it goes both ways… There will indeed be times when you, as governor, will have to stand for us, speak out for us and to utilise your firsthand knowledge… about what is happening… the ground here… as well as external global matters to provide context and clarity to those in Whitehall and perhaps further afield.”

Panton said many people were unaware of the important diplomacy of the governor’s office, which he said had made a world of difference to the UK-Cayman partnership.

“We have benefitted from governors advocating on our behalf in financial service matters,” he said. However, he also stressed the importance of the governor communicating with Cayman when the UK is taking a position that will impact this country and where the people might not necessarily agree. He said the local politicians need to support the interests of the people who elected them.

“When those occasions… do arise, it is my hope that you engage with us and seek to understand any concerns raised by our people,” Panton stated.

In the coming months Cayman will be battling to get off FATF grey list and, by extension, the EU’s list of non-cooperative countries. In Mexico next month, Cayman officials will make a presentation to the FATF on progress dealing with money laundering prosecutions. The next opportunity for de-listing will take place in France in June.