GRAND CAYMAN, Cayman Islands – Premier Hon. Alden McLaughlin and Financial Services Minister Wayne Panton recently met with their counterparts in Jersey to get a feel for how that jurisdiction remains debt free and a major player in the Financial Services Industry.

The trip to Jersey on 11-12 September also included Councillor Roy McTaggart.

“Cayman, like Jersey, is a top-tier Financial Services Centre and we face common challenges and threats,” said Hon. Premier McLaughlin. “We are looking at ways to work more closely together to deal with the issues of navigating the difficult waters of being international Financial Centres.”

While in Jersey, the delegation also reviewed that Government’s procurement process, which is very relevant as the Government is currently in the process of implementing procurement legislation.

Jersey is home to almost 100,000 on a land mass of 45 square miles.

“Immigration, for them, as for Cayman, is a key issue and concern,” said Mr. McLaughlin.

They also discussed electoral reform. Jersey’s parliament is the States of Jersey, which consists of 51 elected members; far more than the 18 that comprise Cayman’s Legislative Assembly.

High on the list of items to discuss was budgeting, said Mr. McLaughlin.

Jersey’s Government sits for three-year terms and recently introduced the concept of a budget that covers the full three years.

“We looked at how that benefits planning and reduces time and energy instead of every year having to go through the full budgeting process,” he said. “It is something to consider.”

The idea for the meeting came in June when the Premier met with Jersey Chief Minister Ian Gorst and Minister for Treasury and Resources Sen. Philip Ozouf.

Prior to that, Minister Ozouf had been in the Cayman Islands in May as part of the UN Elections Observers Mission.

“He had a chance to see what Cayman did and he was hugely impressed by the state of Cayman’s Financial Industry,” said Mr. McLaughlin.

“We share the vision with Jersey being recognised internationally as a high quality, properly regulated jurisdiction that we are,” Mr. McLaughlin said. “The trip was a very useful exercise and I look forward to hosting Jersey for a reciprocal visit next year.”