After a tumultuous month for local politics, Premier Juliana O’Connor-Connolly stepped fully into her new role as financial services minister Tuesday, leading a delegation to the United Kingdom to discuss, among other issues, beneficial ownership registers – a topic facing immense pressure from members of the UK House of Parliament.
Premier O’Connor-Connolly, who sought to defend Cayman’s stance on public registers, has taken on broad responsibilities since the resignation of four members of her coalition government, and now serves as minister of financial services and commerce, education, health, finance and economic development, and district administration and lands.
That means many of the topics discussed with UK officials at the Joint Ministerial Council meeting, from student financing mechanisms to beneficial ownership, fall squarely in the premier’s remit.
The issue of beneficial ownership registers, however, has emerged as one of the most pressing issues during this week’s summit. The UK Foreign Office has reportedly expressed support for fully public beneficial ownership registers, after a letter from more than 40 MPs pressed the topic ahead of the JMC, gathering leaders of British Overseas Territories in London.
“I’ve taken the opportunity in each of my meetings to reiterate our position on many key issues including beneficial ownership and welcome the opportunity to speak openly and frankly with Parliamentary colleagues and clarify misconceptions which are sometimes unfortunately promulgated in the public domain,” Premier O’Connor-Connolly said in a written statement on Tuesday.
“We can stand proudly on our record of meeting global standards and standing up for our financial services industry.”
The Cayman Islands delegation, led by the premier, also includes Attorney General Samuel Bulgin, Cabinet Secretary Samuel Rose, Chief Officer for Financial Services and Commerce Dax Basdeo, and UK Representative Tasha Ebanks-Garcia.
The group spent Tuesday at the House of Parliament, meeting with representatives of the Labour, Conservative and Liberal Democrat parties, “which is demonstrative of the Cayman Islands’ policy of direct engagement across the UK’s political spectrum”, a government statement said.
O’Connor-Connolly first met with Labour MP Emily Thornberry, who chairs the Foreign Affairs Select Committee, and Liberal Democrat MP Edward Morello, also a FASC member.
During this meeting, the premier “explained the Cayman Islands’ position on the appropriateness of legitimate interest access to beneficial ownership information”, as well as advocating for access to home fee status and student financing mechanisms for students in the overseas territories.
The premier also met with Liberal Democrat MP Callum Miller, Conservative MP and Shadow Foreign Secretary Priti Patel, Conservative MP Wendy Morton and Leading Counsel Sir Jeffrey Jowell, KC, from Blackstone Chambers.
Other topics discussed during the meetings included irregular migration, post-disaster funding and resilience building.
“Strengthening our relationship with the UK Members of Parliament is one of our key goals for our time spent in London this week. We wish to develop long-standing, meaningful partnerships built on mutual respect and understanding. The Cayman Islands have an excellent story to tell,” the premier said in a statement.
The day concluded at Buckingham Palace at the invitation of King Charles III for a Diplomatic Corps reception. The premier attended the reception accompanied by UK Representative Ebanks-Garcia.
Related Videos
The British journalists and members of UK parliament who think we are a hotbed of money laundering should be invited to come here and try to open a bank account. Then they would realize what a nightmare it is.
I gave this challenge directly to the Guardian journalist who wrote that article last week. I received a polite reply from him but he declined.