Speaking in the House of Commons his exact words were: “I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems.”
Cayman Finance welcomes these comments by the Prime Minister, which finally recognise the transparency of the Cayman Islands financial services industry built over the past four decades.
A good, recent example of how the Cayman Islands compares to other jurisdictions is illustrated in the OECD Secretary-General’s Report to the G20 Leaders, issued in early September. The report shows ratings for 98 jurisdictions, based on nine criteria, giving a green, amber, or red rating for each and where ‘green’ denotes the highest rating.
Cayman is rated green across all nine categories. Brazil and the US have two ambers, Russia has seven, and Canada, Germany, Spain, and the UK each have one.
“Clearly we appreciate the comments by the Honourable Prime Minister. Given the facts, like the OECD/FATF reviews, we believe it is about time Cayman starts to receive some credit. We applaud Prime Minster Cameron for making this statement, which reflects the reality of the situation regarding international financial centres. We hope other heads of state emulate his actions, and the international media starts to focus on facts rather than fiction,” said Gonzalo Jalles, CEO of Cayman Finance.