Cayman's financial services minister has met with senior US officials to lobby for the jurisdiction's offshore sector and "dispel harmful myths about the Cayman Islands".
Tara Rivers met with the deputy secretary of the US Treasury, Justin Muzinich, as well as US senators and members of congress. where they exchanged views on how to combat money laundering and ensure tax transparency.
"These meetings are critical in explaining to US lawmakers the facts about Cayman's financial services industry, and the significant and effective role Cayman plays in the fight against money laundering and other financial crimes," Rivers said in a statement about her visit to Washington DC.
We have taken significant steps to dispel harmful myths about the Cayman Islands"
Rivers added that she "provided valuable information to US lawmakers regarding Cayman's strong beneficial ownership identification regime" as Congress considers legislation for new beneficial ownership collection requirements in the US.
The Cayman Islands is reviewing their anti-money laundering and tax transparency legislation after it received a negative evaluation from the Caribbean Financial Action Task Force (CFATF) that pointed out several risks and vulnerabilities.
Tara Rivers assured US officials that Cayman is committed to combat money laundering and to share information with the United States to prevent tax evasion and terrorist financing. She also underscored that the jurisdiction already cooperates with the US Treasury and the Internal Revenue Service (IRS) so that those doing business in the Cayman are doing it in compliance with US rules.
"Through these meetings, we have taken significant steps to dispel harmful myths about the Cayman Islands," said the minister. "Key legislators, congressional staff, and senior agency officials now have the information they need to combat persistent inaccurate stereotypes about our country. We plan on continuing to share this information as part of our ongoing education campaign to spread the word that Cayman is a leader in implementing global compliance standards," she said.