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Cayman FSA Responds To OECD List,
by Amanda Banks, Tax-News.com, London
Wednesday, April 08, 2009
The Cayman Islands Financial Services Association has this week denounced the
OECD’s decision to ‘grey’ list the Cayman Islands despite its
evident commitment to the OECD standard.
“The Cayman Islands Financial Services Association is extremely disappointed
to see the inclusion of the Cayman Islands in the OECD ‘grey’ list.
It had been hoped that the OECD would undertake a rational objective analysis
of the tax transparency established by the Cayman Islands over the past decade.
In reverting to its political origins, the OECD has not improved its credibility
and indeed in acting in an arbitrary and prejudicial manner raises questions
about the value that is attributed by the G20 to the cooperation in tax and
criminal matters that the Cayman Islands has demonstrated.”
“The Cayman Islands has full and relevant tax transparency not only with
the United States under the November 2001 Tax Information Exchange Agreement
but proactive reporting with 27 European Union nations under the 2005 European
Union Savings Tax Directive, the figures for which, not incidentally, show monetarily
and fiscally insignificant deposits by European residents in the Cayman Islands.
However, according to the OECD the Cayman Islands finds itself characterized
with the wholly non-compliant nations, which are the root cause of the current
tax evasion furore. The determination by the OECD to ignore the unilateral mechanism,
which is well respected by a number of OECD members, shows the OECD still applies
a double standard which clearly has nothing whatsoever to do with the good faith
disclosure of information in tax matters, assuming that Cayman Islands financial
institutions have anything of interest to disclose.”
“However we are encouraged to see that the OECD has now set an objective
test for positioning on the ‘white’ list which is less than the
total number of tax exchange arrangements that the Cayman Islands currently
has in place. Accordingly, since the Cayman Islands government has throughout
maintained its commitment to execution of further bilateral treaties, assuming
its approaches are met in good faith, we anticipate that the OECD will be obliged
to remove Cayman from its current list swiftly.”
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