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Cayman Islands Says Link To Panama Papers 'Minor'

by Mike Godfrey, Lowtax.net, Washington
16 May, 2016

Jude Scott, CEO of Cayman Finance, said links between the Cayman Islands and the Panama Papers are relatively minor in scale.

Scott's comments follow the online publication of the Panama Papers on May 9, 2016.

"Of the 214,000 offshore companies set up by the Panamanian law firm Mossack Fonseca, only 104 had a link to the Cayman Islands, these being the typical range of business expected of a global financial hub such as Cayman," Scott said.

Scott continued: "Cayman Finance and the Cayman Islands have no tolerance for those who choose to violate our laws" but "unfortunately, no jurisdiction in the world is free from the threat of criminal financial activity."

"The Cayman Islands financial services industry has been recognized for decades as a strong international partner in combating corruption, money laundering, and tax evasion. We meet or exceed all globally accepted standards for transparency and cross-border cooperation ... The Cayman Islands is a transparent jurisdiction," Scott said.

He concluded: "Combating global financial crime requires a unified legal, social, and law enforcement approach – and not just by any one jurisdiction, but by all G20 countries and international financial centers (IFCs). We will continue working with those who pursue practical solutions that also recognize the critical role IFCs like the Cayman Islands play in the global economy."

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