Minister André Ebanks
21 June 2023Analysis

Cayman Islands financial delegation positive after Europe visit

A Ministry of Financial Services delegation from the Cayman Islands, led by the Minister André Ebanks, has announced that their recent meetings with European Union representatives went well.

The key outcomes of the meetings were the exchange of policy updates on anti-money laundering (AML), tax cooperation and industry sectors, as well as the forging of deeper, proactive engagement with European stakeholders.

“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 the June FATF Plenary and the EU AML listing; virtual assets regulation; sustainable finance; and the enforcement of Russian sanctions.

Government’s financial services representative, Gene DaCosta, and senior legislative advisor to the Department for International Tax Cooperation, Karen Stephen-Dalton participated with the minister in the meetings that were held both in person and virtually.

The delegation met with a wide range of representatives, including: Benjamin Angel, director-general; and Anna Manitara, policy officer, of the Taxation and Customs Union; Alexander Jour-Schröder, deputy director-general of the Financial Stability, Financial Services and Capital Market Union; Gints Freimanis, member of the Cabinet of the executive vice president; Valdis Dombrovskis and Peter Kerstens, advisors for Financial Sector Digitalisation and Cybersecurity; Maria José Garde, chair of the Code of Conduct Group on Business Taxation; Andreas Strub and Andreas Provo, Economic and Financial Affairs Council.

They also met with a number of EU member state representatives from Germany, France, Spain, Belgium, the Netherlands and Malta.

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 Rebecca Millar, head of Channel Islands Brussels Office; Tom Le Feuvre, director of Global Markets and International Agreements of the Government of Jersey; 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 Attorney General Samuel Bulgin, KC, at the Financial Action Task Force plenary, held from 19 to 23 June.

“During the Plenary, the 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.”