News

Deputy Premier, the Hon. André Ebanks MP, will be part of a Cayman Islands Government delegation representing the country at the upcoming Financial Action Task Force (FATF) Plenary in Paris next week.

Led by the Attorney General, the Hon. Samuel Bulgin, the delegation will consist of representatives from multiple agencies within Cayman's AML/CFT/CPF (anti-money laundering, countering the financing of terrorism, and countering proliferation financing) framework such as the Royal Cayman Islands Police Service, Cayman Islands Monetary Authority, and the Ministry of Financial Services and Commerce.

The FATF Plenary will take place 21-25 October and consider, among other items, the listing and delisting of countries with AML/CFT deficiencies, matters with direct relevance to the Cayman Islands such as beneficial ownership and virtual asset standards, and jurisdictional updates leading into the next round of mutual evaluations.

"With evolving matters with direct relevance on the agenda, it is important for Cayman to be present at a high political and technical level to engage on these matters, especially in preparation for the 5th Round of FATF mutual evaluations," the Deputy Premier said, who is also the Minister of Financial Services and Commerce.

Attending the plenary represents the latest official travel for the Deputy Premier. He had a recent series of meetings with regulators, firms and asset managers in Tokyo and Seoul, and spoke with US stakeholders during meetings in New York earlier in September. Overall, he noted that the initiatives broadened and strengthened our international regulatory and business development relationships.

"These meetings and engagements bolstered our promotional efforts in each jurisdiction and presented an opportunity for the Cayman Islands to liaise with regulators, officials and practitioners on the regulatory and legislative enhancements that will boost our international reputation. The Seoul visit was particularly enlightening as I gained greater insights into the possibilities for Cayman in the South Korean market," the Deputy Premier said.

The Deputy Premier's Tokyo and Seoul visit was from 29 September to 5 October. His Tokyo schedule included discussions with financial services representatives in asset management, legal services, banking, audit services and corporate administration. Rounding his itinerary were meetings with the Alternative Investment Managers Association, and his presentation at the Nikkei Symposium.

In Seoul, the Deputy Premier met with financial services practitioners in the areas of investment funds and venture capital.

In New York from 16 to 20 September, the Deputy Premier spoke at a reinsurance roundtable organised by the Cayman International Reinsurance Companies Association and Cayman Finance, and at the Ogier Funds Symposium. He also attended a number of client meetings.

The Deputy Premier thanked the Hon. Johany "Jay" Ebanks, MP; the Hon. Heather Bodden, MP; the Hon. Katherine Ebanks-Wilks, MP; and the Hon. Isaac Rankine, MP, for acting for him in his respective responsibilities, on various days, while he was away on official Government business.

From 18 to 28 October, the Hon. Katherine Ebanks-Wilks, MP, is scheduled to be the acting Deputy Premier and acting Minister for Financial Services and Commerce as well as the acting Minister for Investment, Innovation, and Social Development.