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Caymans Finally Remove Fiscal Exemption Clause

Tax-news.com

01 January 1999


Under pressure from OECD countries, the Cayman Islands struck out the 'fiscal exemption' clause from their Proceeds of Criminal Conduct Law 1996. This clause prohibited Cayman officials from cooperating with officials from other countries in cases involving fiscal offences. The Caymans will now give cooperation, but only if an offence has been committed under Cayman law – which doesn't recognize fiscal crime. It's possible that this was a test case, and other jurisdictions may now be forced to scrap similar pieces of legislation. What matters in practice is how Cayman officials behave in future, and only time will tell.

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