Financial services focus of premier’s trip to EU, UK

Premier Alden McLaughlin led a government delegation to the United Kingdom and Brussels on Monday to promote Cayman’s financial services sector.

“As a leading international financial centre, it is important for Government to discuss current global financial services developments with persons who are central to these initiatives,” Mr. McLaughlin said in a public statement.

“All participants benefit from the updates and perspectives that we discuss but, certainly for Cayman, these visits provide prime opportunities to underscore our strong record in regard to global regulatory standards.”

Mr. McLaughlin is accompanied on the trip by Minister Tara Rivers, MLA Austin Harris, Chief Officer Dax Basdeo, political adviser Roy Tatum and Department of Financial Services Director Michelle Bahadur.

The delegation will return to Cayman on Oct. 8.

The trip coincides with the fourth round of Brexit negotiations in Brussels between the European Union and the U.K.

Cayman’s Ministry of Financial Services and Home Affairs did not clarify whether the Caymanian delegation would be participating in these talks.

The four-day meeting began at the European Commission headquarters Monday with opening comments from U.K. Secretary of State for Exiting the European Union, David Davis, and European Commission Chief Negotiator for Brexit, Michel Barnier.

“We expect this to be a busy week, one that will set us on the important path towards our future partnership,” Mr. Davis said.

“We hope to make progress on issues like the onward movement of U.K. citizens in the EU, and voting rights in local elections. We both want to avoid changes to the way citizens enjoy their rights and our proposals will deliver that.”

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