We are closely monitoring Paradise Papers developments – Rivers
The Minister of Financial Services , Tara Rivers, in a statement on Monday said that her ministry was closely monitoring the developments associated with the Paradise Papers.
The Paradise Papers is a set of 13.4 million confidential electronic documents relating to offshore investments which was leaked to the public on November 5, 2017.
According to Rivers, reporting on the ‘Paradise Papers’ does not provide any evidence of wrongdoing.
“The longstanding position of the Cayman Islands is that that the effective implementation of global regulatory standards helps to enhance the socioeconomic contribution of the financial service industry,” said Rivers.
“We have a strong history of adhering to these standards, and we will continue to strengthen our regulatory framework and maintain our strong relationships with international authorities, including through our multiple mechanisms for exchanges of information on tax and beneficial ownership information,” added Rivers.
Rivers further said she wanted the public to know that the Cayman Islands financial services business includes many types of investors, and not exclusively the rich.
“Our jurisdiction offers the international business community a framework from which to conduct legitimate business; and investments made using Cayman vehicles benefit many countries around the world, including developed and developing economies, to create jobs and generate domestic incomes,” said Rivers.
Rivers cited the example of investments, such as pension funds, that she said uses “Cayman vehicles benefit the broader populations of these countries”.