Captive Forum and CFATF Plenary Cap November Engagement
The Ministry of Financial Services and Commerce rounded off its November engagement by addressing local and international stakeholders at last week’s Cayman Captive Forum and the 55th Caribbean Financial Action Task Force (CFATF) Plenary.
Minister for Financial Services and Commerce, the Hon. André Ebanks, provided remarks for both events on 30 November and stated both functions had a direct tangible impact on the country’s reputation in financial services.
“The Cayman Islands is renowned for its strong financial services that caters to many sectors, inclusive of captive insurance, and features a robust legal framework that ensures we provide the level of regulation that cultivates sound business in the jurisdiction,” Minister Ebanks said. “Those who regularly interact with us appreciate how this works in practice and it’s important that we share our considerable experience and our contributions to the global fight against illicit activity with as many stakeholders as we can.”
The Forum, organised by the Insurance Managers Association of the Cayman Islands (IMAC), featured over 1,500 attendees from 29 November to 1 December at the Ritz-Carlton Grand Cayman, representing a broad cross section of the captive insurance industry from company owners to service providers. According to IMAC, it is the largest conference of its kind in the world.
Held from 26 November to 1 December, the plenary marked the 30th anniversary of the CFATF as the first FATF-Style Regional Body to be established. It was also the first in-person CFATF plenary since November 2019, due to restrictions related to the COVID-19 pandemic.
Both events come after the Minister travelled to Bahamas, England and Belgium earlier in November for a number of previously reported important international financial services engagements.