By Alex Cobham. Originally published at Tax Justice Network
Last week I took up the kind invitation of the government of Cayman to speak at their conference on ‘Tax Transparency in the Global Financial Services Ecosystem’, and to meet with staff from the monetary authority, statistics office and corporate registry; and with a range of industry representatives including those from the compliance association and Cayman Finance. Above is a video of my presentation; and here a few reflections on the divergences between reputation, rhetoric and reality; and on where things now stand.
Per the most recent Financial Secrecy Index, of 2015, Cayman ranks 5th. This reflects a high degree of financial secrecy: a score of 65 out of 100, where 100 indicates total secrecy; and a significant scale: the islands account for nearly 5% of all financial services provided globally to non-residents. Full details and a narrative history of Cayman’s emergence as a secrecy jurisdiction are provided in the Financial Secrecy Index (FSI) report.