Most Read Contributor in Cayman Islands, September 2016
Following an invitation from the Premier, Hon. Alden McLaughlin
at the Joint Ministerial Council (JMC) in London last December,
senior representatives from the UK's National Crime Agency
(NCA) and the Foreign and Commonwealth Office (FCO) visited the
Cayman Islands on Tuesday, 23 February, to discuss cooperation
between both countries' law enforcement agencies, as well as
Cayman's progress in enhancing its beneficial ownership
The UK delegation included Dr Peter Hayes, Director of the
FCO's Overseas Territories Directorate; Andy Lewis, the
NCA's Head of Bribery, Corruption and Sanctions; and Russell
Phillips, the FCO's Senior Policy Adviser, Economic and
In addition to the Premier, the delegation also spoke with the
Minister of Financial Services, Wayne Panton; and other Government
'Government continues to maintain a position of zero
tolerance on illicit activity and financial crime', the Premier
said. 'Our commitment to the UK, and to other foreign
authorities, is to collaborate and cooperate to ensure that those
responsible for illicit activity can be prosecuted in the relevant
As part of discussions, the Ministry updated the UK delegation
on progress to enhance Cayman's current beneficial ownership
information regime. This process is being facilitated through a
working group established by the Ministry in September of last
year. Comprising representatives from Government, Cayman Finance
and other industry associations, this group has been working to
ensure that Cayman's regime will continue to meet
internationally accepted standards.
Minister Panton said the day's meetings further familiarised
UK officials with the strengths of Cayman's existing
legislative and regulatory framework, and allowed the building of
new relationships between Cayman and UK officials.
'It was excellent to hear the UK's support for how
Cayman's Government and industry work together, in order to
tackle global problems such as money laundering and
corruption', he said.
'We had an opportunity to explain, in more detail, the
merits and potential mechanics of our proposed centralised
platform, which would be locally accessed and non-public. This
would be an additional enhancement to our current, strong anti
money-laundering regime; and would be a similarly effective, viable
alternative to the UK's approach of a central
Dr Hayes of the FCO said, 'We agreed at the JMC that
addressing this issue would be given the highest priority. We very
much welcome the timely and constructive discussions'.
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