Cost Of Two Trips By Premier: $12,631 & $5,371

A trip in April 2022 by Premier David Burt to Barbados for the Caribbean Financial Access Roundtable cost $5,371.52 and a trip in June 2022 to the United Kingdom for meetings cost $12,631.72, according to recent listings on the Government’s travel webpage.

United Kingdom Meetings: $12,631.72

The trip duration was listed as from June 8, 2022 – June 16, 2022, and the web page listing said, “The Premier and Minister of Finance, the Hon. E. David Burt, JP. MP., led a delegation of the Bermuda Business Development Agency [BDA] and the Association of Bermuda Insurers and Reinsurers [ABIR], including BDA Chair, Stephen Weinstein, BDA Chief Executive Officer, David Hart, and ABIR Chief Executive Officer, John Huff, to the United Kingdom for meetings with UK Government officials and members of the UK Labour Party, and key industry stakeholders. The Acting Financial Secretary, Cheryl-Ann Lister, accompanied the Premier.

“Prior to the start of key meetings, the Premier participated in a number of media interviews for UK publications, including Risk Magazine, The Scotsman and Environmental Journal. The Premier also joined Ian King live on Sky News, and discussed the Bermuda Monetary Authority’s licencing process; Bermuda’s strong regulatory framework and how it has positively contributed to making the Island a global hub for high-quality Fintech and Digital Asset business; Bermuda’s first new bank in twenty one [21] years [Jewel Bank], which will help the island’s Digital Assets industry to continue to grow; and Bermuda’s insurance and reinsurance industry, which grew during the pandemic, with new companies joining the local economy, increasing the job market by 10%.

“The Premier met with the Chair of the Association of British Insurers, Baroness Nicky Morgan, to discuss Bermuda’s world-leading insurance market, share perspectives on industry dynamics, and to reaffirm Bermuda’s commitment to continue to work alongside British insurers, and play a positive role in the global market place. The Premier also met with the Shadow Foreign Secretary, David Lammy, MP, Shadow Minister for Foreign, Commonwealth & Developmental Affairs, Stephen Doughty, MP, and Lord Collis of Highbury, to discuss issues currently faced by hundreds of Bermudians as a result of the UK Government’s decision to take passport printing from the Overseas Territories. The Premier stressed the need to return passport printing to the Government of Bermuda. Regrettably, in discussions with the Minister for the Overseas Territories, Amanda Milling, there was no real progress respecting the return of BMU codes to Bermuda passports. The Premier also stressed that this was unfortunate, as Bermudians have been negatively affected by this UK Government decision, with no resolution in six [6] years.

“The Premier met with the Financial Secretary to the HM Treasury, Lucy Frazer, MP., to discuss global tax matters, highlight Bermuda’s leading financial services sector, and to reiterate Bermuda’s commitment to international cooperation and compliance with global standands. Finally, The Premier joined ABIR executives and Lloyd’s of London leaders to discuss enhanced collaboration between the London and Bermuda insurance markets, to encourage the continued growth of international business.

“Social engagements included a dinner, hosted by the Premier, with UK Parliamentarians and key industry stakeholders to discuss a number of issues, including Climate Change. The Premier’s final engagement was a breakfast meeting held on 16th June, 2022, with Gold Members of the Bermuda Society, to discuss Bermuda’s Economic Recovery Plan, and how the Society can continue to support the Government in promoting Bermuda’s interests in the UK.

“Media Links

• Premier joins ABIR member company executives and Lloyd’s leaders in London rountable event: here
• Premier and BDA to promote Bermuda in London – Bermuda Business Development agency: here
• After Consensus Success, Premier and Minister of Finance travels to London I Government of Bermuda: here
• Bermuda aims to lead by example as it addresses climate challenge I News I The Insurer: here

“Social Media Links

• Premier meets Chair of Association for British Insurers: here
• Premier meets UK Shadow Ministers: here
• Premier meets Financial Secretary to HM Treasury: here
• Premier meets UK Minister for the Overseas Territories: here
• Premier visits Lloyds of London for rountable meetings with ABIR members: here

Expenses

• Air Travel: $3,361.30
• Ground Transportation: $4,806.65
• Accommodation: $4,071.18
• Meals: $231.26
• Miscellaneous: $161.33
• Total costs: $12,631.72

Caribbean Financial Access Roundtable In Barbados: $5,371.52

The trip duration was listed as from April 19, 2022 – April 21, 2022, and the web page listing said, “The Premier and Minister of Finance, the Hon. E. David Burt, JP. MP. attended a Caribbean Financial Roundtable discussion in Bridgetown, Barbados, following a personal invitation from the Prime Minister and Minister of Finance, the Hon. Mia Mottley, QC. MP. The Rountable discussion was jointly hosted by the Government of Barbados and the Chair of the U.S. House of Representatives Financial Services Committee, the Hon. Maxine Waters. The purpose of the meeting was to discuss critical issues in respect to banking relationships, de-risking, anti-money laundering, and related banking issues, and follows prior discussions that took place in Washington, DC in 2019, to tackle the challenges that small island states, like Bermuda, are facing with correspondent banking due to de-risking activities of US Banks.

“The Premier was accompanied by the Acting Financial Secretary and CFATF Chair, Ms. Cheryl-Ann Lister, the CEO of Clarien Bank, Mr. Ian Truran, and the Director of Banking, Trust, Corporate Services and Investments [Bermuda Monetary Authority], Mr. Ashley Kibblewhite. Congresswoman Maxine Waters delegation included several senior persons from the U.S. House Financial Services Committee, and other relevant House Committees. Also in attendance were senior representatives of U.S. and Canadian Banks, CARICOM Heads of Government, the CARICOM and OECS Secretary-Generals, and the President of the Caribbean Development Bank.

“The meeting presented an excellent opportunity to discuss the critical issues highlighted above, and other important matters with key decision-makers, while highlighting Bermuda’s leadership in combating money laundering. Prime Minister Mottley outlined five outcomes from the meeting as follows:

• The U.S. Congressional delegation agreed that the issues discussed were of significant importance and deserve a congressional hearing.
• Agreed to an annual U.S. and Caribbean Banking Forum.
• Agreed to conduct a feasibility study as to whether or not to establish a Caribbean-opened consortium bank in the United that can provide correspondent banking relationships in the region.
• Agreed to a proposal to establlish an examiner training academy in the United to train state, local and federal examiners and foreign examiners, including those in the Caribbean; and
• Agreed to incorporate access to correspondent banking relationships and see it as a critical part of the market infrastructure necessary for countries to succeed.

“The Premier noted that the meeting was productive and it was important that the Government of Bermuda continues to engage in such international fora, to bring better financial services to the people of Bermuda.

“Related Links:

• Premier to attend Financial Roundtable: here
• Caribbean Financial Access Rountable – “an important opportunity towards bringing better financial services to the people of Bermuda”: here
• Caribbean Financial Access Roundtable Opening Statements: here
• Caribbean Financial Access Roundtable. Press Conference: here

“Social Media

• Twitter: here
• Linkedin: here
• Instagram: here

Expenses

• Air Travel: $3,997.10
• Ground Transportation: $107.72
• Accommodation: $1,032.40
• Meals: $49.48
• Miscellaneous: $184.82
• Total costs: $5,371.52

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