(CMR) Governor of the Cayman Islands Jane Owen said over the coming months, the UK proposes to agree on a new bilateral “compact” with each Overseas Territory that would like to do so, setting out the responsibilities and obligations they share and highlighting their priorities for the future.
During the delivery of the Throne Speech, Governor Owen said Premier Juliana O'Connor-Conolly has already expressed her wish for early discussions on this Compact.
“I look forward to working with the Government and Parliament, as we consult widely during the process, to ensure that our bilateral agreement sets the right direction for a strong future relationship,” she said.
The Governor also spoke to Cayman being removed from the Financial Action Task Force (FATF) grey list.
“Cayman’s core role within the international financial system has also been in the spotlight as the Financial Action Task Force (FATF) removed our jurisdiction from its “grey list” and lifted the need for enhanced monitoring. It is hard to overstate how significant this move is for us: it means that FATF recognizes that Cayman has the commitment and the processes in place to enforce and combat money laundering and illicit finance,” she stated.
“It judges that our efforts are both robust and sustainable, and it praises the close work between government, regulators, and the private sector in ensuring that our financial center meets or exceeds international standards,” she added.
She however, warned that the task does not stop with being removed from the FATF's grey list.
“The task does not stop here – we will continue to work with the United Kingdom, the European Union and other international partners to evolve workable new measures for oversight and transparency – including through our new Beneficial Ownership Transparency Act and associated regulations which will come into force in 2024,” she said, expressing gratitude to Deputy Premier André Ebanks and Hon. Attorney General, Sam Bulgin, for the role they both played in steering Cayman through to a successful FATF review.
Governor Owen expressed that also important for Cayman on the international scene is the issue of security and crime.
“As we consider Cayman’s position within the international context, our minds turn inevitably also towards the question of security, crime, risks and threats and how we can best manage and repel them. This is an issue close to my heart, as I carry out my constitutional responsibilities for security in our islands,” she said.
“We share a strong belief that effective policing can only be achieved if it includes strategies for prevention, rehabilitation, and safeguarding of vulnerable individuals and groups. That is why we will continue to steer the National Security Council to develop cross-cutting strategies (for example, to combat the flow of drugs), reaching out across Government and working with education, health, family services, and WORC teams to pre-empt criminal activity and to provide a choice for people who may be standing at a crossroads in their lives,” she continued.
Governor Owen also spoke to a renewed focus on road safety and the strict enforcement of penalties for those who put others in danger.
“As we enter the party season, I would remind everyone that we can save lives and avoid a traumatic Christmas for many families if we all select a designated driver, and never get behind the steering wheel under the influence of drink or drugs or with a mobile phone in our hand,” she said.
To read the entire Throne Speech, click on this link.
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