Delegation promotes financial services

A Cayman delegation consisting of Premier Alden McLaughlin, Attorney General Samuel Bulgin, Minister for Financial Services Tara Rivers and Governor Martyn Roper attend the Cayman Finance Breakfast Briefing in New York on Tuesday.

Premier Alden McLaughlin told the more than 150 attendees at the 6th Annual Cayman Finance New York Breakfast Briefing on Tuesday that Cayman remains bullish about the prospects of financial services business in the jurisdiction and that the country and government are gearing up to meet the challenges and uncertainties of the future.

Premier McLaughlin, Minister of Financial Services and Home Affairs Tara Rivers and Attorney General Samuel Bulgin traveled to New York from Europe, where the Cayman delegation held 13 meetings in London, Brussels, Berlin and Paris with representatives from the European Union and various EU member states, including Germany and France.

In those meetings, Mr. McLaughlin said, “We wanted to ensure that the EU Commission, the Code of Conduct Group and member states understand that Cayman is meeting the commitments we made and to provide opportunities for them to raise any concerns.”

Mr. McLaughlin also spoke about the new Ministry of International Trade, Investment, Aviation and Maritime Affairs, which has been set up to better coordinate Cayman’s work in promoting the Cayman Islands overseas, and the U.K.’s assistance in establishing Cayman’s own Asia Office based in Hong Kong.

The New York Breakfast Briefing, at the Harvard Club, is hosted each year by Cayman Finance to give member firms and associates the opportunity to learn more about the latest developments in the Cayman Islands financial services industry.

On Tuesday evening, the Cayman delegation attended the Cayman Finance New York Reinsurance Roundtable, also at the Harvard Club, where reinsurance professionals spoke about the benefits of their companies being domiciled in Cayman.

In his welcome remarks at the breakfast briefing, Cayman Islands Governor Martyn Roper noted the professionalism of Cayman’s Financial Service sector and confirmed that the sector had the support of the United Kingdom, a government press release stated.

Minister Rivers outlined Cayman’s efforts in the fight against tax evasion, money laundering and countering terrorist financing, and said this work had been recognized by the likes of the OECD.

She also mentioned Cayman recently passed economic substance legislations designed to meet the requirements of the EU and the OECD.

Minister Rivers said the presence of the Cayman Islands government at the event underscored its commitment to the financial services industry, which contributes about 56 percent of Cayman’s GDP.

“It is our pleasure to not only sponsor this event annually, but to also participate in providing the key policy update covering the work of the past year and providing insight into the plans for the year ahead.

“Cayman will continue being a place for sound business long into the future, because we will continue to meet internationally adopted standards,” she said. “Over the many decades we have demonstrated that we have the expertise and the resiliency needed in order to successfully navigate change, for the benefit of our clients and our country as a whole. As our history has shown us, the future of the Cayman Islands is bright.”