Cayman Needs Relations with US

Published 9th March 2009, 2:57pm

The Cayman Islands Government delegation visiting

Washington, D.C. from 4-6 March made solid progress in furthering relationships with U.S.

counterparts. The delegation drew attention to a history of co-operation between the two

countries and conveyed the need to continue to work in partnership for mutual benefit,

particularly in the face of a challenging global economic environment.

“The Cayman Islands delegation was welcomed and well-received. It’s ‘early days’ in the

current session of Congress, so there was significant opportunity to inform opinions,” said

Leader of Government Business, the Honourable Kurt Tibbetts. “We were able to reinforce

our commitment to partnership with the U.S. and stress that, while legislative changes are the

U.S.’ prerogative, policy decisions should be made based on the facts.”

Between them, the delegation conducted close to 30 meetings in a two-day period with a

cross-section of House and Senate representatives from numerous legislative committees,

including the House Ways and Means Committee, House Committee on Financial Services,

and Senate Finance and Senate Banking Committees. The group also met with

representatives from the U.S. Department of Commerce, State Department, as well as the

U.S. Trade Representative and interest groups outside of government.

Where needed, the group was also able to directly address inaccuracies raised by the

proposed Stop Tax Haven Abuse Act, which has been introduced in each of the past four

sessions of Congress but has failed to progress through the U.S. legislative process. The

delegation stated that any potential U.S. legislative proposals which identify the Cayman

Islands as uncooperative ignore the long-standing international cooperation channels in tax,

regulation and law enforcement between the two countries.

An important underlying message delivered by the group in discussions was the contribution

that jurisdictions such as the Cayman Islands make to the world economy, facilitating capital

flows between countries, which is particularly important as the U.S. Congress looks for ways

to stimulate economic growth.

Members of the delegation identified the fluid legislative environment, the fact that there are

several appointments in the U.S. administration that have not yet been made – for example no

assistant secretaries have been appointed in Treasury – and the policy focus on the U.S.’

economic concerns will require Cayman to be diligent in ensuring interests are represented

through proactive and continued relationship building and outreach.

The delegation included 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 was supported and advised by Portfolio of Finance Public

Relations Director, Ted Bravakis as well as Government’s global external public affairs

counsellors in financial services.

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 345-244-2278 or via email at financepr@gov.ky.