Monday 20 November, 2017

We will not tolerate unfair attacks on our Queen- Cayman Finance

Cayman Finance in a release late Monday denounced the shocking revelations made in the leak of the “Paradise Papers” as "sensational reports which exploits the illegal data hack".

CEO of Cayman Finance, Jude Scott, further noted that the island would not tolerate “unfair attacks against Queen, Elizabeth II, who maintains normal and legal investments in Cayman”.

The Paradise Papers are a set of 13.4 million confidential electronic documents relating to offshore investments which were leaked to the public on November 5, 2017.

The papers detail how top companies and high ranking officials are alleged to have avoided taxes using offshore hubs.

CEO of Cayman Finance, Jude Scott, issued a statement on Monday responding to the papers, however did not name the  "Paradise Papers" specifically.

He noted the statement was issued “in response to reports of an illegal data theft involving the financial information of tens of thousands of people and businesses”.

Scott said that Cayman is a transparent, tax neutral jurisdiction noting that the British Overseas Territory was “not a tax haven”

“Our legal, regulatory and legislative regimes clearly show we meet none of the definitions of a tax haven used by the OECD or leading transparency organizations. In addition, Cayman maintains a globally responsible tax regime that enables the free flow of trade, services, capital and financing around the world, and does so with transparent stated and actual applied tax rates, cooperation and without engaging in unfair tax practices,” said Scott.

Scott noted that the Cayman Islands has received a bad rep as a result of inaccurate reporting about the island’s role in the global financial marketplace.

“Like other international financial centres, the Cayman Islands has had to get used to unfair and inaccurate reporting about our role in the global financial marketplace,” said Scott

Scott, however, noted the island would not tolerate unfair attacks against Queen Elizabeth II,  who he  said maintained normal and legal investments in Cayman.

“However, we will not tolerate unfair attacks against our Queen, Elizabeth II, who maintains normal and legal investments in Cayman, a British Overseas Territory, a compliant and transparent jurisdiction that is part of her Dominion,”said Scott.  

“We are home to funds advised by some of the most talented investment professionals in the world who help those investors increase their returns, which benefit retirees, students, communities and businesses – and on which they pay all relevant taxes in their own jurisdictions,” he added.

The Cayman Finance referred critics who are in doubt  about the island’s  compliance and  transparency  to read a  publication by the Alternative Investment Management Association.

 “Cayman has signed agreements which allow tax information exchange with more than 90 countries, automatically shares tax data as part of the European Union Savings Directive, US FATCA and the Common Reporting Standard and has signed onto the country-by-country reporting principles under the BEPS process,” said Scott.

“Cayman investment and pension funds managed by UK managers help support thousands of legitimate and tax paying jobs in the UK financial services industry, an important pillar of the UK economy,” he added.