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Caymans Delegation Heads To UK For Financial Regulation Talks

Caymannetnews

03 October 2000

This article is reproduced by kind permission of the Caymannetnews at http://www.caymannetnews.com

A delegation consisting of ExCo Members the Hon Truman Bodden (leader), the Hon. Thomas Jefferson, Financial Secretary the Hon. George McCarthy, Attorney General the Hon. David Ballantyne, and Mr. Linford Pierson, JP, an incumbent MLA in the 8 November Election, leaves the Cayman Islands for London today (Sunday, 1 October).

It was reported that this meeting will address the issues in connection with the KPMG report scheduled for publication in connection with the financial operations of the Cayman Islands and other Overseas Territories.

The Cayman delegation's trip was canceled a few weeks ago, when the KPMG report was scheduled to be handed down. It is understood that the reason the trip was canceled back then, was because of dissatisfaction by the Cayman Delegation with some of the comments in the report.

Starting on October 3rd and continuing until the 9th, the group will attend a series of top level meetings covering a range of issues.

Overseas Territories (OTs) representatives will discuss key issues in connection with the KPMG review of financial regulation in the Caribbean OTs and Bermuda. Jointly commissioned by the UK and Overseas Territories governments, the report assesses the extent to which the OTs' financial regulatory systems comply with international standards. Participants will also discuss publication and implementation timetables in relation to operational matters as identified in the report.

A meeting of the Overseas Territories Consultative Council is also scheduled to take place over two days, debating topics prioritised by council members, including good governance issues; immigration policies and nationality concerns; and, sustainable development and natural resources.

At the invitation of the Minister for Overseas Territories, Baroness Scotland, who will present the opening address, Mr. Bodden will lead a discussion forum concerning accessible justice.

Scheduled to tie in with these high level meetings, Cayman along with the other OTs is also invited to attend a one-day seminar on October 5th on the OECD and other initiatives. On 6th October, the Cayman delegation will have bilateral meetings on the FATF and related matters.

Following the delegation's October 10th return to Cayman, a statement covering the proceedings will be issued.

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