The Cayman Islands was recentlydelisted from the Financial Action Task Force's (FATF) blacklistof non-cooperative countries, as regards what it calls effortsto halt money-laundering activities.Up Front
Cayman's Financial Secretaryappointed Chairman of CDB Board of Governors
The Cayman Islands was recentlydelisted from the Financial Action Task Force's (FATF) blacklistof non-cooperative countries, as regards what it calls effortsto halt money-laundering activities.
This mammoth taskwas achieved as Cayman had taken concrete steps to implement legalreform and institute improvements in its anti-money launderingsystem. The machinery behind this was headed by the FinancialSecretary, the Right Honourable, Mr. George McCarthy.
Mr. McCarthy has assumed chairmanship ofthe Board of Governors of the Central Development Bank (CDB).The announcement was made at the 31st Annual Meeting of the CDB'sBoard of Governors in Castries, St. Lucia. The meeting was alsoattended by the Hon. McKeeva Bush, Minister of Tourism, Environment& Transport and observers Dr. Liz Parsan of the EconomicsOffice and Mrs. Angela Miller of AIDB/HDA.
The CDB is a financial institution establishedin January 1970 for the purpose of facilitating regional developmentin the Caribbean. The permanent Headquarters of CDB is locatedat Wildey, St. Michael, Barbados. There are 26 member countries,20 regional and six non-regional, which are: Venezuela, Colombia,Mexico, Italy, Germany and the Peoples Republic of China.
The Bank finances projects of particularinterest to smaller countries as well as projects which mightbenefit the region as a whole. Special consideration is givento the needs of the member countries that are less developed.
In his remarks to the Board, McCarthy commentedon the challenges facing the Bank and its member countries, includingthe issues of poverty in the region and the OECD and FATF initiatives.
"From the inception of these [initiatives],we have maintained that a level playing field, mutual respectand trust can only be fostered if all parties come to the tablewith goals that will mutually benefit everyone involved,"McCarthy said. "This continues to be our objective as westrive for a more inclusive dialogue in the setting of standardsfor regulation of our financial services sectors."
In emphasizing the importance of regionaland international economic cooperation, McCarthy explained: "Wehave an obligation, not only to better ourselves and our neighbours,but it is also incumbent upon us to explore ways to strengthenour economies through the pursuit of sound macro-economic fundamentals,thus leaving a legacy of responsible leadership and effectivemanagement upon which future generations can chart a course ofcontinued growth and development."
McCarthy also announced that the 32nd AnnualMeeting would be held at home in the Cayman Islands in 2002. TheCDB Meeting attracted over 250 delegates to St. Lucia and thesame number is anticipated in Grand Cayman next year. "Weare very pleased to have the opportunity to host this conferenceonce again," he said. "We did so in 1992 with much successand preparations are already underway to ensure the same in 2002."