CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Cayman's Finance Minister Comments On G8 Action Plan

Cayman's Finance Minister Comments On G8 Action Plan

by Mike Godfrey, Tax-News.com, New York

07 November 2013


The Minister for Financial Services in the Cayman Islands, Wayne Panton, issued a statement on the commencement of the territory's G8 Action Plan on November 04, 2013.

"On 31 October, the UK announced a proposal for a public register of beneficial ownership information, following the results of its public consultation," he said. "If implemented, the register conceivably would allow a citizen of any country to access information on the beneficial owners of UK-registered entities.

"In the Cayman Islands, we also are assessing our regime on beneficial ownership. In our action plan on the misuse of companies and other legal structures, published immediately following the June G8 Summit, we committed to assess whether a central registry of beneficial ownership is the most appropriate and effective way to improve transparency. Further to that commitment, our public consultation document will be issued this November.

"Along with our consultation, we will continue to monitor the global response to the UK's announcement and any proposals that are made by other G8 countries, the G20 and other relevant international bodies on matters related to transparency. Universal success will be predicated on a fair, and level, playing field in which all jurisdictions adhere to accepted and recognized standards.

"As evidenced in our April 2013 Phase 2 Peer Review Report by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, information relating to beneficial owners is available in Cayman. Through our recognized legal and regulatory infrastructure, that information has been collected and updated in the jurisdiction for more than a decade.

"The UK's proposal to consider a public register on beneficial ownership continues the UK's strong political stance on tax and transparency matters and expands the public discourse on the best way to facilitate a global standard.

"The Cayman Islands will continue to engage in the discussion, and to support the UK and the global financial industry in developing effective standards. Our record demonstrates this; for example, we will shortly be signing a FATCA-style agreement with the UK to automatically share financial information with the UK on UK taxpayers who hold Cayman Islands accounts. Our signing of a FATCA Model 1 IGA with US also is imminent.

"Furthermore, following the Cayman Islands' formal request for the UK to extend its membership in the Convention on Mutual Administrative Assistance in Tax Matters, the convention will become effective in Cayman on January 01, 2014.

"In April this year we agreed to participate in the G5 pilot on multilateral automatic exchange of information. To date, Cayman also has signed tax information exchange agreements with 31 jurisdictions, and negotiations are either completed, or underway, with a further 18 jurisdictions.

"As the global discussion on beneficial ownership continues, we note that our legislative and regulatory framework has been assessed favorably by several supranational bodies, and that this is a matter of public record. The Cayman Islands intends to stay the course that has led to this high regard, and we will continue to both consider and adopt standards that are practiced worldwide."

TAGS: tax | FATCA | Cayman Islands | agreements | G20 | standards | Tax

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »