The Cayman Islands have entered into discussion with the OECD about extending its co-operation on criminal tax evasion investigations.
The Financial Secretary for the Caymans, George McCarthy said the British territory was looking at how "we can best extend the mutual legal assistance treaty". The treaty, to which both the US and UK are parties, does not currently cover tax crimes.
Like its offshore competitors Barbados and Bermuda, the Cayman Islands are facing sanctions from the OECD unless it implements measures to increase transparency in its financial sector and bolster anti-tax crime and money laundering legislation to provide greater assistance to OECD countries investigating such crimes.
"Financial industry is not static," said Mr McCarthy. "It will continue to evolve and we have to take a proactive approach. We think our legislation is adequate but we could see the need to improve on what we have in place." Mr McCarthy also said the Caymans were prepared to consider further action, but that this should be as part of a multilateral initiative.
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