Cayman Islands Distances Self From ‘Panama Papers’ Scanda

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The Cayman Islands is the latest Caribbean country to distance itself from the ‘Panama Papers’ scandal, which alleges that a number of world leaders and other prominent persons used a law firm in Panama to develop off-shore companies to evade taxes.

Chief Executive Officer of Cayman Finance Judd Scott says Cayman is not a secrecy jurisdiction adding that the country has a clear and strong commitment to transparency.

Scott says the Cayman Islands financial services industry continues to play a leadership role on international regulatory issues and for setting global standards to fight financial crime.

Scott says the Cayman Islands has a proven track record in cross-border cooperation which is needed to fight financial crimes like tax evasion.

Scott said the Cayman Islands has a robust regime for regulation and cross-border cooperation in place which surpassed many of the world’s top international financial centres.

He said the jurisdiction is recognised internationally for its efforts in adhering to, and in some cases exceeding international regulatory standards.

Scott says the Cayman Islands has strict anti-money laundering laws and abides by international treaties and laws that govern financial services.

The Bahamian government issued a similar statement yesterday distancing itself from the scandal.

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