Cayman Islands Financial Services Minister Tara Rivers met with ranking Republican Party members of the U.S. Senate, including John Cornyn of Texas and Chuck Grassley of Iowa during a trip to Washington, D.C., last week.
According to a Cayman government statement on the visit, Minister Rivers briefed Senator Cornyn on Cayman’s beneficial ownership regime for locally registered businesses, comparing those rules to what currently exists in U.S. states such as Delaware.
Mr. Grassley, the chairman of the Senate judiciary committee, was also briefed on Cayman’s experiences in developing its beneficial ownership regulatory framework.
“For many years, Cayman has worked hand-in-glove with the U.S. Treasury and by extension, the Internal Revenue Service, to ensure that Cayman cannot be used to avoid U.S. taxes,” Minister Rivers said. “Sharing information globally allows tax authorities to better ensure that taxpayers pay their taxes in the countries in which they are due.”
Minister Rivers also met with Senate Committee on Banking, Housing, and Urban Affairs Chairman Mike Crapo of Idaho to discuss Cayman’s financial regulatory regime and the impact of “de-risking” on Cayman financial institutions, money transfer services and individuals who use them.