Minister Rivers meets with US officials

Financial Services Minister Tara Rivers met with government officials in Washington, DC last week, where she told them about Cayman’s financial services industry and emphasised the islands’ leadership role in combating money laundering and ensuring tax transparency, according to a government press release.

She met with Deputy Secretary of the Treasury Justin Muzinich, senators, members of Congress, senior Congressional staff and other federal agency officials.

Rivers was in Washington last year for similar meetings, which are part of the Cayman government’s ongoing engagement efforts in the United States to promote the long-standing beneficial relationship in financial services between the United States and Cayman.

The US Congress is considering legislation that would establish new beneficial ownership collection requirements in the US, similar to those already in place in Cayman.

In the release, Rivers said she also talked about “the benefit of our experience in implementing beneficial ownership laws, should they take the next step in corporate compliance by making disclosure of company ownership to the US government mandatory”.

Rivers and her delegation met with Senator Tim Scott, chairman of the Senate Banking Committee’s financial institutions subcommittee, and a member of the Senate Finance Committee; Rep. Gregory Meeks, the chairman of the House Financial Services Subcommittee on Consumer Protection and Financial Institutions; Rep. Yvette Clarke, co-chair of the Congressional Caucus on the Caribbean; senior staff members of Rep. Maxine Waters, chairwoman for the House Financial Services Committee; senior Democratic and Republican staff members of the House Ways and Means Committee and the Senate Finance Committee.

The Cayman delegation also participated in meetings with high-ranking officials from the US Department of State and the Office of the Comptroller of the Currency, the primary regulator for nationally chartered US banks.

“Through these meetings, we have taken significant steps to dispel harmful myths about the Cayman Islands,” Rivers said. “Key legislators, congressional staff, and senior agency officials now have the information they need to combat persistent inaccurate stereotypes about our country.”