Thu | Jul 9, 2020

Cayman Finance supports government’s efforts to be delisted by the European Union Regional

Published:Wednesday | February 19, 2020 | 12:00 AM
Jude Scott

GEORGE TOWN (CMC):

Cayman Finance, the association representing the Cayman Islands financial services industry, said on Tuesday that it fully supports the actions being taken by the Cayman Islands government to get the island off the European Union’s (EU) list of non-cooperative jurisdictions for tax purposes.

“The Cayman Islands has had a track record of meeting evolving global standards and that is expected to continue. As an organisation, we stand ready to work with government, as it sees fit, as it cooperates with the EU to be removed from the list. We anticipate this decision will happen in the not too distant future,” said Cayman Finance chief executive officer Jude Scott.

He said the association was supportive of the government’s constructive engagement with the European Union officials, noting that the Alden McLaughlin government recently introduced modernised legislation that enhanced the oversight of investment funds.

The government’s move was in response to an evolution in global regulations, primarily driven by the European Union and other global standard-setting bodies.

“Just as approximately 30 other jurisdictions were removed after taking the necessary actions, we look forward to the same happening with regard to the Cayman Islands. In the meantime, clients can continue to expect the usual high professional standards from their Cayman service providers that they have always received,” Scott said.

New rating

Cayman Islands was recently rated by the OECD as largely compliant – the second-highest of a six-tier rating – with the international standard for transparency and exchange of information – the same rating given to G20 countries like the USA, UK, Canada, Australia, and EU member states Austria, Belgium, Denmark and Germany.

Cayman Finance said it is confident that the government will take all necessary actions to address any remaining EU concerns in a timely manner to ensure removal from the list at the earliest possible opportunity.