Minister Discusses Financial Regulation, Tax Transparency, with US Lawmakers
Published 14th August 2018, 9:26am
Minister of Financial Services the Hon. Tara Rivers visited Washington, DC, last week, where she explained the Cayman Islands financial services industry, and its adherence to regulatory and tax transparency standards, to influential US Senators, Members of Congress, senior Congressional staff, and other US thought leaders and influencers.
This trip followed her visit in April this year, when Minister Rivers attended similar meetings on Capitol Hill, and with the US Treasury and State departments.
In addition to continuing the discussions about Cayman’s industry and regulatory compliance, Minister Rivers again spoke with lawmakers on the potential effect of bank de-risking on Cayman residents and businesses. Her meetings were part of the Ministry’s ongoing engagement efforts in the US Capitol, which are intended to ensure that decision-makers in the US Congress are aware of the longstanding beneficial financial services relationship between the US and Cayman.
The Department of Financial Services Policy and Legislation’s Director, Mrs Michelle Bahadur, accompanied Minister Rivers on this trip.
On 17 July, Minister Rivers and Mrs. Bahadur met with Senator John Cornyn, the Assistant Majority Leader of the US Senate and member of the Senate Finance and Judiciary Committees. Cornyn, who is from Texas, is the second highest-ranking Republican Senator. Minister Rivers briefed him on Cayman’s strong record in adopting and enforcing international standards for tax transparency and information sharing, to dispel the myths that have persisted in the US about Cayman.
‘For many years, Cayman has worked hand in glove with the US Treasury and by extension, the IRS, to ensure that Cayman cannot be used to avoid US taxes’, she said.
‘Cayman shares tax information with US Treasury and the IRS through US FATCA and prior to that, in 2001, we signed a bilateral agreement that fulfilled a similar purpose’, Minister Rivers explained. ‘Likewise, we share tax information with more than 100 countries around the world through the OECD’s Common Reporting Standard.
‘Sharing information globally allows tax authorities to better ensure that taxpayers pay their taxes in the countries in which they are due’.
For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at email@example.com.