Grand Cayman, 20 June 2023 – Exchanging policy updates on anti-money laundering (AML), tax cooperation and industry sectors, while also forging deeper, proactive engagement with European stakeholders, were key outcomes of meetings between EU stakeholders and a Ministry of Financial Services and Commerce delegation, led by the Minister, the Hon. André Ebanks.
“The visit to Brussels, from 12-16 June, yielded informative insights on EU positions and policies on matters of mutual importance,” Minister Ebanks said.
Discussions also focused on next week’s FATF Plenary and the EU AML listing; virtual assets regulation; sustainable finance; and the enforcement of Russian sanctions.
Participating in the meetings, held in person and virtually, with Minister Ebanks were Government’s Financial Services Representative, Mr Gene DaCosta; and Senior Legislative Advisor to the Department for International Tax Cooperation, Mrs Karen Stephen-Dalton.
The delegation met with the following representatives.
- Mr Benjamin Angel, Director-General; and Ms Anna Manitara, Policy Officer, of the Taxation and Customs Union
- Ms Alexander Jour-Schröder, Deputy Director-General of the Financial Stability, Financial Services and Capital Market Union
- Mr Gints Freimanis, Member of the Cabinet of the Executive Vice President
- Mr Valdis Dombrovskis and Mr Peter Kerstens, Advisors for Financial Sector Digitalisation and Cybersecurity
- Ms Maria José Garde, Chair of the Code of Conduct Group on Business Taxation
- Mr Andreas Strub and Mr Andreas Provo, Economic and Financial Affairs Council
- EU Member State Representatives
- Mr Frederik Knobloch, Financial Services Attaché, Germany
- Ms Claire Cheremetinksi, Minister Counsellor for Economic Affairs, France
- Mr Luis Oscar Moreno, Director-General for Economic Diplomacy, Spain
- Mr Willem Van De Voorde, Ambassador; and Mr Christophe Vinck, Fiscal Attaché, Belgium
- Mr Melle Bakker, First Secretary/Financial Services Attaché; Mr Charles Nysten, Fiscal Counsellor; and Mr Khalid Amezoug, Fiscal Attaché, the Netherlands
- Mr Charles Abela, Technical Attaché for Financial Services, Malta
- Mr Karel Lannoo, CEO of the Centre for European Policy Studies
- Mr Taggart Davis, Managing Director and Head of EU Government Affairs, Managed Funds Association
- Mr Danny O’Connell, Head of Brussels Office, Alternative Investment Management Association
The delegation also discussed enhancing collaboration, on policy development and future initiatives, with the UK Crown Dependencies representatives. Hosted by the Channel Islands in their Brussels office, the delegation met with Ms Rebecca Millar, Head of Channel Islands Brussels Office; Mr Tom Le Feuvre, Director of Global Markets and International Agreements of the Government of Jersey; Mr Mike Vercnocke, Head of Isle of Man Brussels Office; and other officers and advisors from the Isle of Man and the Channel Islands.
Minister Ebanks then travelled to Paris to join the Attorney General, the Hon. Samuel Bulgin, KC, at the Financial Action Task Force (FATF) Plenary, which commenced yesterday (19 June) and concludes on Friday, 23 June.
“During the Plenary, the Hon. Attorney General and I will speak before the Financial Action Task Force, as part of the process for FATF removing the Cayman Islands from the list of jurisdictions being monitored for anti-money laundering deficiencies,” he said.
“Our country has come a long way, having satisfied 62 of 63 Recommended Actions toward this goal, and we will present our substantive progress in satisfying the last remaining action.”