Cayman Islands To Host OECD Meeting

by Amanda Banks, Tax-News.com, London

07 August 2002

The Cayman Net News service reported this week that the jurisdiction is set to host the forthcoming meeting between the OECD and the 31 non-member states which have committed to the multilateral body's tax and information exchange reform plans.

According to the report, the meeting in late October is scheduled to cover a variety of topics, including technical matters pertaining to the information exchange model published by the OECD last year.

Speaking to Cayman Net News, the jurisdiction's Financial Secretary, the Hon. George McCarthy explained that:

'Cayman is pleased to be hosting this meeting, which will be an opportunity for the interests of the 31 committed jurisdictions to be taken forward in a constructive way.'

He added that: 'Since the Cayman Islands committed to participating in the OECD process in May 2000, we have, along with the other 10 committed countries at the time, given significant technical input that is reflected in the model agreement. It is this model that is now the basis of continuing discussions with the OECD.'

Meanwhile, there was more good news for the Cayman government last month, when the FATF announced that it no longer saw the need to formally monitor the country's anti-money laundering progress.

Newly appointed FATF President, Jochen Sanio stated in a letter to the Caymanian authorities that:

'As a result of the Cayman Islands' efforts, the FATF will no longer formally monitor the situation in the Cayman Islands, although the Americas Review Group will continue to monitor developments in the region generally.'

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