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Cayman Not A "Secrecy Jurisdiction"

by Mike Godfrey, Lowtax.net, Washington
11 April, 2016

In the wake of the "Panama Papers" leaks Cayman Finance's CEO, Jude Scott, has said that "Cayman is not a secrecy jurisdiction" and has a "clear and strong commitment to transparency."

Scott said: "The Cayman Islands is a global financial hub that efficiently connects law-abiding users and providers of capital and financing around the world," and this "benefits on-shore jurisdictions by enabling them to be competitive in international trade and in facilitating effective inward investment to help grow those economies."

He said "financial crime is a serious global problem that requires a unified legal, social, and law enforcement response," adding that "one of the best weapons against illegal activities and tax evasion is effective transparency and cross-border cooperation. This is where the Cayman Islands has a proven track record."

He pointed to the Cayman Islands' robust regulatory regime and cross-border cooperation, which he said surpasses many of the world's top international financial centers. He also observed that the Cayman Islands is recognized internationally for its efforts in adhering to, and in some cases exceeding, international regulatory standards.

"The Cayman Islands government, its regulator – the Cayman Islands Monetary Authority – and private industry have worked continuously over many decades with overseas governments and international authorities to ensure Cayman is a premier International Financial Center and a strong partner in combating global financial crime.

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