The Premier Hon. Alden McLaughlin will travel to London next week along with Roy Tatum, Head of the Office of the Premier.
The Premier will continue talks with the United Kingdom Government on issues affecting the Cayman Islands including meeting with Ben Wallace, Minister of State from the Home Office and Ben Merrick, Director of the Overseas Territories Department of the FCO. Matters on the agenda include the ongoing constitutional reform discussions started last year, the UK Government’s response to the recent Foreign Affairs Committee report on the Overseas Territories as well as public registers of beneficial ownership.
The position of the Cayman Islands Government is that the Islands have always complied with global standards of financial regulation and should public registers become a global standard then the Cayman Islands will be on board. In the interim, we are of the view that our current system for handling beneficial ownership, whilst not public, allows timely and ready access to UK and international law enforcement and tax agencies.
Whilst in London, the Premier will also host a dinner with cross party Parliamentarians as part of the Governments ongoing political engagement programme for the Cayman Islands.
“Continued engagement with MPs and Peers is essential for the Cayman Islands to build and maintain relationships and for them to hear directly what’s happening in our islands.” Premier McLaughlin commented.
The Premier will then travel on to Monaco with Eric Bush, Chief Officer of the Ministry of International Trade, Investment, Aviation and Maritime Affairs (MITIAMA) and Joel Walton, CEO of the Maritime Authority of the Cayman Islands (MACI) as well as Roy Tatum, Head of the Office of the Premier for a series of meetings with key stakeholders in the Maritime and Super Yacht sector. This is part of Cayman’s ongoing efforts to maintain the significant market share for our shipping registry.
Premier Hon. Alden McLaughlin said “the Cayman Islands Shipping Registry is known globally as a premium maritime flag state and is home to most of the biggest yachts in the world. Indeed, the Registry has been rated as one of the best in the world in the International Chamber of Shipping (ICS) Flag State Performance Table for 2018/19 for the 8th year running. The meetings in Monaco are a continuation of efforts started by me last year and as part of our new focus on not only maintaining but growing the Cayman Islands Shipping Register under the newly created Ministry of International Trade, Investment, Aviation and Maritime Affairs.”
MACI has had a presence in Monaco for over two decades, where the majority of super yachts docked in Monaco harbour are flying the red ensign of the Cayman Islands. “Monaco, with its wealth of financial services and international high net worth individuals, is a natural fit for the Cayman Islands and its shipping Registry,” explains Mr. Joel Walton, CEO of Cayman Maritime “it’s an extremely important market for us.”
While in Monaco the Premier is expected to meet with the first Minister and will also participate in the 8th annual St Tropez to Monaco Charity Bike ride.
This is a great opportunity to continue promoting the Cayman Islands as the Premier will be riding with Prince Albert of Monaco as well as other high-profile riders.
Eric Bush, Chief Officer of the MITIAMA said “Meetings and participation in events such as this help build a partnership between the Cayman Islands and Monaco. They also provide an opportunity for us not only to support causes with a synergy to the Cayman Islands but explore opportunities for further cooperation and collaboration.”