A new peer review report by the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes has rated the Cayman Islands as ‘largely compliant’ with the international standard – a ranking welcomed by Jude Scott, CEO of Cayman Finance.
Published by the Global Forum on Transparency and Exchange of Information for Tax Purposes, the Global Forum issues recommendations to assessed countries – regardless of their ratings.
Cayman received three recommendations in its report. In addressing these recommendations, the Ministry of Financial Services will consult with industry stakeholders.
“By rating the Cayman Islands as ‘largely compliant,’ the new OECD report again confirms that we meet or exceed globally-accepted standards for transparency and cross border cooperation on exchange of tax information,” Scott said.
“Achieving the same rating as top rated G20 member countries Canada, Germany and Australia further establishes Cayman’s place among the G20 Plus – jurisdictions including G20 countries and top international financial centres that adhere to the highest global transparency standards.
“The detailed findings of the OECD report show the vital role Cayman’s financial services industry plays as a strong international partner in combatting corruption, money-laundering, terrorist financing and tax evasion. Our continued progress demonstrates our years-long commitment and our collaboration with the Cayman Islands Government and the Cayman Islands Monetary Authority to make our jurisdiction a global leader on transparency.
“International policymakers should take this new report seriously. Cayman meets the OECD definition of ‘largely compliant’ on the international standard for transparency and exchange of information. Cayman does not meet any widely accepted definition of a tax haven. Therefore Cayman’s role as a transparent jurisdiction should be reflected in new tax policies being developed around the world.
“Cayman’s approach on these issues means Cayman continues to play a vital role in the world’s economy as a well-respected premier global financial hub for international business helping capital flow from institutional investors (like pension funds) into infrastructure investment projects in many major jurisdictions, helping to bring valuable liquidity, boost economic activity and create jobs and tax revenue in many G20 countries.”
OECD, Cayman Islands, Cayman Finance, Jude Scott