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Cayman off OECD grey list
by Daily Nation
Posted: Aug 17, 2009 12:38 UTC
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CAYMAN ISLANDS - The Organisation for Economic Cooperation and Development (OECD) has removed the Cayman Islands from its grey list of countries that hadn't implemented international standards for tax disclosure.
Also coming off the grey list is the British Virgin Islands.
The OECD over the weekend said that both islands had signed agreements to exchange tax information with New Zealand, bringing to 12 the number of such agreements for both jurisdictions.
The development for the Cayman Islands comes after Leader of Government Business McKeeva Bush signed a Tax Information Exchange Agreement (TIEA) with New Zealand on Friday in Washington, DC.
Bush was confident the OECD would put the Cayman Islands on the white list.
"For over four decades the Cayman Islands has steadily earned its place as a world-class international financial services centre," he said.
"The Cayman Islands Government sees the OECD's recognition as a natural outcome of the country's substantial commitment to uphold an equally world-class international cooperation regime in the exchange of tax information."
Bush indicated Cayman's cooperation with the OECD would not stop now.
"The Cayman Islands government is looking forward to working in partnership with competent authorities in implementing agreements it has signed, concluding additional agreements with Cayman's important trading partners in financial services and continuing its active role in the OECD Global Forum, to which it committed to in 2000," he said.
The Cayman government is also in advanced stages of negotiating further TIEAs with Italy, Mexico, Germany, France, Australia, Portugal and Canada.
In addition, Cayman has enacted legislation and developed a mechanism that allows it to exchange tax information unilaterally with other countries.
Bush said that this move to advance the country's various commitments in the area of international cooperation and regulation is part of the recently elected United Democratic Party's manifesto pledge to enhance and protect the industry. (Caymanian Compass)
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