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(CNS): Financial Services Minister André Ebanks led a Cayman Islands delegation to Singapore last month to inaugurate the Cayman Islands government’s new Asia office. While in Singapore, he held a series of meetings, including with the European Commission and the Financial Action Task Force to discuss beneficial ownership issues.
Ebanks participated in a panel discussion he described as “interactive, insightful and constructive” where panelists spoke about their experiences in establishing a central beneficial ownership registry and different approaches to ensuring that adequate, accurate and up-to-date information is provided to relevant departments.
“Beneficial ownership refers to the individuals who ultimately own or control an entity,” Ebanks said. “It is a powerful tool that helps law enforcement, tax and other agencies deter, detect, prosecute and sanction financial and other crime. This event provides an opportunity to highlight the strengths of Cayman’s BO framework and our proactive plans to improve it.”
In addition to participating in discussions on the challenging topic of a beneficial ownership register that is accessible to the public, the Minister also attended the plenary session of the Financial Action Task Force (FATF) this week, during which Jamaica was removed from the blacklist.
“Having experienced this achievement first-hand earlier this year, we understand the effort required to meet FATF standards,” said Ebanks. “We join the FATF in heartfelt congratulations to Jamaica as it highlights that Caribbean countries are joining the global fight against illegal crime and upholding international anti-money laundering standards.”
Following the plenary session, the CIG delegation and Cayman Finance jointly hosted a government and industry roundtable, which was also attended by representatives from the Cayman Islands Monetary Authority (CIMA). “The roundtable exchanged very valuable advice on how Cayman Islands financial services can innovate and better integrate into the Asian business and regulatory framework,” said Ebanks.
The week ended with a FATF/UK Financial Conduct Authority roundtable on Designated Non-Financial Businesses or Professions (DNFBPs).Dimethylaniline) firms, including law firms and accounting firms. The roundtable focused on anti-money laundering practices and the development of standards for DNFBP. The meeting was attended by private sector practitioners, government officials, regulators and representatives of the International Federation of Accountants.
Meanwhile, CFATF representative Gene DaCosta hosted a reception for the opening of the Asian office at the Swissotel The Stamford, a luxury hotel in Singapore, hoping that the reception would help the jurisdiction attract new business from around the world. The reception was also attended by officials from FATF member countries and the Caribbean Financial Action Task Force (CFATF), which supports FATF work in the region.
In addition to the minister, the Cayman Islands delegation included CEO Dr. Dax Basdeo, CIG deputy representative for financial services in Europe Julie Campbell, CIMA managing director Cindy Scotland, head of anti-money laundering Judiann Myles, deputy head of anti-money laundering Megan Powell and Cayman Finance CEO Steve McIntosh.
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