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. OECD Report Silences Cayman Transparency Critics

OECD Report Silences Cayman Transparency Critics

by Phillip Morton, Investors

22 April 2013

Cayman Finance - the promotional agency for the islands' financial services industry, has welcomed the findings of a peer review report from the Global Forum on Transparency and Exchange of Information for Tax Purposes in support of the framework in place in the Cayman Islands to share tax information on request, in line with international best standards.

The Organization for Economic Co-operation nd Development (OECD) recently released a Phase 2 peer review report in respect of the Caymans' regime, which stated that the islands have demonstrated that standards for transparency and tax information have been properly implemented, and that the territory exchanges tax information effectively in practice.

Among the many positive comments in the report, the OECD states the Tax Information Authority’s exchange process is “very well organized with many internal processes in place for handling EOI requests as well as the unit being well resourced in personnel, IT and technical expertise. As a result, high quality responses are provided to partner jurisdictions and in 87% of cases the time in which a final response was provided has been less than 90 days."

Commenting, Gonzalo Jalles, CEO of Cayman Finance said: “Cayman Finance is very pleased to note these results. This demonstrates that all local stakeholders including the Cayman Islands Monetary Authority, the Tax Authority, industry practitioners, and the public sector have been able to work together to ensure that when this jurisdiction makes a commitment we follow through on our obligations to international standards. Everyone, and particularly Duncan Nicol and the Tax Information Authority, should all be commended for the hard work involved in ensuring we remain one of the world’s most highly regulated jurisdictions as measured by independent assessments such as this one.”

TAGS: Finance | tax | tax information exchange agreement (TIEA) | public sector | law | financial services | international financial centres (IFC) | Organisation for Economic Co-operation and Development (OECD) | Cayman Islands | offshore | standards | services

To see today's news, click here.

Leave a comment

Read our Posting Guidelines



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, 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 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 »