The new UK Overseas Territories Minister, Baroness Joyce Anelay
visited the Cayman Islands last week as her first official visit to
a British territory since assuming her role in July. During her
three day stay, Baroness Anelay was hosted at a dinner by the
jurisdiction's financial services industry representative body,
Cayman Finance, where she recognised the country's leading role
in international services and demonstrated track record on
regulatory, anti-money laundering and tax matters.
"My visit has been a great opportunity to further
strengthen the ties between our two countries and to discuss in
person the leadership role Cayman's financial services industry
is playing in international regulatory issues," Baroness
The dinner was attended by Cayman Finance Chair, Mr Ian Wight,
Cayman Finance CEO Mr Jude Scott, Cayman Finance board members and
representatives from the Cayman Islands Ministry of Financial
Mr Jude Scott said Cayman Finance was delighted the Baroness had
chosen the Cayman Islands as her first port of call and that the
dinner provided the financial services industry an occasion to
highlight Cayman's beneficial role in the global economy along
with our commitment to transparency in regards to information
exchanges and cross border cooperation.
"We have in place a regulatory regime which rivals or
surpasses many of the world's other top financial centres in
the area of anti-money laundering and verified beneficial
ownership," he said. "Cayman Finance continues to work
together with our financial services industry, the Cayman Islands
Government and our regulator, the Cayman Islands Monetary
Authority, to maintain our status as the premier global financial
During her visit, Baroness Anelay said that although the
regulation of the financial services sector was often under much
international scrutiny, Cayman had proven its dedication to
collaborative efforts and accountability.
"The sector as a whole is often in the spotlight and a
subject of discussion amongst world leaders, but the Cayman
Islands' record of cooperation and transparency speaks for
itself. The need to make changes to counter serious and
organised crime has been embraced by Cayman's financial
services sector, with the support of the Cayman Islands
Government," she said. "We welcome this willingness to
adapt in response to and new evolving changes."
Baroness Anelay said the relationship between the two countries
was a modern relationship which was evolving with the times.
"As a leading international hub for pension fund investment
and raising capital, the Cayman Islands bring real benefits to the
global economy and onshore economies," she said.
"The UK and Cayman Islands economies also enjoy mutual
benefits from our respective financial services sectors. The
expertise of the City of London and the financial services
providers in Cayman are second to none."
Mr Scott said he was pleased to see recognition of Cayman's
role in benefitting on-shore jurisdictions to allow them to be more
competitive in international trade and facilitating effective
inward investment to help grow their economies.
"The Cayman Islands financial services industry plays an
important role in the global financial market by facilitating the
essential allocation of capital and financing around the world,
benefitting businesses and people throughout developed and
developing countries," he said.
"Cayman Finance affirms its strong working relationship
with the UK and looks forward to working with Baroness Anelay and
the Foreign and Commonwealth Office in further building a positive
and mutually beneficial relationship in the years ahead."
UK Overseas Territories Minister, Baroness Joyce Anelay speaks
with Cayman Finance CEO, Jude Scott and other Cayman Finance Board
UK Overseas Territories Minister, Baroness Joyce Anelay
speaking at the Cayman Finance hosted dinner. (Seated L to R)
– Mark Lewis (Cayman Finance Board Member); Her Excellency
The Governor, Helen Kilpatrick; Jude Scott (Cayman Finance CEO); UK
Overseas Territories Minister, Baroness Joyce Anelay; Henry Smith
(Cayman Finance Board Member)
Cayman Finance's mission is to protect, promote, develop and
grow the Cayman Islands financial services industry through
cooperation and engagement with domestic and international
political leaders, regulators, organisations and media; to promote
the integrity and transparency of the Industry by legislative and
regulatory enactment and to encourage the sustainable growth of the
Industry through excellence, innovation and balance.
On the 9 September 2016 the MFSA issued feedback to its consultation of the 1 April 2016 in relation to intra-group loans.
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