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Published 2nd April 2009, 2:59pm

The Cayman Islands Government announced today that arrangements are almost complete for a delegation, led by Leader of Government Business the Honourable Kurt Tibbetts, to visit Washington D.C. from 4-6 March 2009 in support of key public affairs objectives for the financial services sector.

The delegation will include the Minster for International Financial Services Policy, the Honourable Alden McLaughlin; Financial Secretary the Honourable Kenneth Jefferson; Attorney General the Honourable Samuel Bulgin and Cayman Islands Monetary Authority Chairman Carlyle McLaughlin. The delegation will be supported and advised by Portfolio of Finance Public Relations Director, Ted Bravakis as well as the Washington, D.C. team from Fleishman-Hillard, the Government’s global external public affairs counsellors in the financial services area.

The three identified priorities for the visit are: meetings with Congressional representatives who are also members of committees with jurisdiction over legislation in taxation, financial services, trade and international cooperation; engagement with the U.S. on key global topics including the G20 Summit, regulatory reforms, transparency and financial services innovation, and; outreach to stakeholders and interest groups outside of the U.S. government who share a mutual concern in ensuring U.S. access to offshore in a responsible way.

“Despite the current economic crisis and associated political positioning by various governments in areas of taxation and offshore, intelligence from external sources suggests that changes to U.S. domestic tax and financial services policies on offshore are still fluid,” said the Honourable Leader of Government Business. “Our commitment to upholding international standards in financial services and our track record of international cooperation – particularly with the U.S. – necessitate us to be engaged and proactive as stakeholders in any decisions made in these areas.”

The visit is part of ongoing international government relations efforts undertaken by the Cayman Islands, managed by the Portfolio of Finance Public Relations Unit. The 2008 U.S. presidential elections dictated the timing of the upcoming visit, as it was identified as a matter of priority that the new U.S. government administration gains a first-hand understanding of the Islands’ financial services sector.

The last official Ministerial visit to Washington, D.C. was in March 2007, following the mid-term Congressional elections in 2006. Between these events, Government has been active in helping to inform the perspectives of U.S. government opinion formers and stakeholders about the Cayman Islands financial services sector through direct, targeted outreach.

These efforts have proven invaluable during a time of intense political scrutiny, including the U.S. Government Accountability Office review of the Cayman Islands in 2008; which resulted in various statements within the report by U.S. officials from the law enforcement, regulatory and tax areas citing a high degree of transparency and assistance from Cayman Islands authorities.

For more information
Ted Bravakis
Director, Public Relations Unit
Portfolio of Finance & Economics
P +1 (345) 244 2266
E ted.bravakis@gov.ky

 

For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at financepr@gov.ky.