Premier Alden McLaughlin and Financial Services Minister Wayne Panton recently met with their counterparts in Jersey to get a feel for how that jurisdiction remains debt-free and a major player in the financial services industry, according to a government press release.
The trip on Sept. 11-12 also included Councilor Roy McTaggart.
“Cayman, like Jersey, is a top-tier financial services center and we face common challenges and threats,” Mr. McLaughlin said. “We are looking at ways to work more closely together to deal with the issues of navigating the difficult waters of being international financial centers.”
The delegation also reviewed the Jersey government’s procurement process, an area of interest since the Cayman Islands government is in the process of implementing procurement legislation.
The officials also discussed electoral reform. Jersey’s parliament consists of 51 elected members, compared to 18 elected members that comprise Cayman’s Legislative Assembly.
High on the list of items to discuss was budgeting, said Mr. McLaughlin.
Jersey’s government sits for three-year terms and recently introduced the concept of a budget that covers the full three years.
“We looked at how that benefits planning and reduces time and energy instead of every year having to go through the full budgeting process,” he said. “It is something to consider.”
The idea for the meeting came in June when the premier met Jersey Chief Minister Ian Gorst and Minister for Treasury and Resources Sen. Philip Ozouf.
Minister Ozouf had been in the Cayman Islands in May as part of the U.N. Elections Observers Mission.
“He had a chance to see what Cayman did, and he was hugely impressed by the state of Cayman’s financial industry,” Mr. McLaughlin said.
“We share the vision with Jersey being recognized internationally as a high-quality, properly regulated jurisdiction that we are. The trip was a very useful exercise,” he said, “and I look forward to hosting Jersey for a reciprocal visit next year.”