No ‘blacklist’ for Cayman

Caymanian Compass ^

[Sir Gawain]

No ‘blacklist’ for Cayman
By Brent Fuller, brent@cfp.ky Thursday 2nd April, 2009   Posted: 15:06 CIT   (20:06 GMT) Talk of the Cayman Islands inclusion on a proposed blacklist of tax havens had faded by late Thursday, but the prospect of negative impacts from the G–20 summit in London clearly had the Islands’ elected leaders worried. “I am praying at this point and time…that the results of the G–20 summit are not as negative as the possibilities are,” Leader of Government Business Kurt Tibbetts said at a Thursday morning press briefing. “We have done everything that we possibly could do,” Mr. Tibbetts added. An outline of the agreement reached Thursday in London emerged late in the day. It included: • Sanctions for non–cooperative tax havens and tougher world–wide financial regulations. • Greater international regulation of hedge funds and credit ratings agencies. • Stricter control and regulation of pay and bonuses for bankers. • The poorest countries in the world would receive $100 billion in economic aid in addition to top of the $5 billion economic stimulus already agreed to by the G–20 nations. • The formation of a Financial Stability Board to work with the International Monetary Fund with a goal of ensuring international cooperation and providing early warnings about threats to the financial system. “This is the day that the world came together to fight back against the global recession, not with words, but with a plan for global recovery and for reform and with a clear timetable for its delivery,” United Kingdom Prime Minister Gordon Brown said. “We have agreed to tough standards and sanctions for use against those who don’t come into line in the future.” According to a posting Thursday on the Financial Times of London website, a blacklist of four jurisdictions had been drawn up. Another 39 countries or territories were placed on the list of jurisdictions that have committed to internationally agreed tax standards, but which have not substantially implemented those plans yet. The blacklisted four were Costa Rica, Malaysia, the Philippines, and Uruguay. Cayman was one of the 39 on the middle list of committed jurisdictions where plans had not been substantially implemented. However, the Organisation for Economic Cooperation and Development noted that Cayman’s legislation regarding tax information exchanges was being reviewed. Read more in Friday’s editions of the Caymanian Compass…

[Trajan88]

There must be a LOT of bleeding heart, rich dimocraps with secret accounts in the Caymans.

[givemELL]

Smaller tax shelter areas not related to UK interests are easy pickings, and, cut down the competition with the Caymans. Some information on the Caymans, extremely strong relationship to Bank of England and the Royal Family...financial functions audited by the private Bank of England...excerpt from a link posted at the end:

The Caribbean tax havens are well known for bank secrecy and low taxes. The offshore banking world is becoming very competitive, there are many choices from various corners of the world now. BI.C has immediately identified three areas in the Caribbean for bank referral based upon our research of political stability, sound currency and banks, functionable and logical legal system, and BI.C has also looked at the state of infrastructure & telecommunications available in these tax havens. The three major areas that meet BI.C standards as a first class banking destination include the Cayman Islands, British Virgin Islands and the Turks & Caicos, all of which are British dependent territories and have their banking audited by the Bank of England. It should be mentioned that the Bahamas is a popular offshore destination but will be assessed in further detail at a later date for bank introductions. However, a recent concern for the Bahamas banking region includes the issue of compromises with respect to bank privacy and tax related matters that have taken place since year 2000. An area of further interest to BI.C is Barbados, a prosperous and growing money haven in the southeast Caribbean. Please send us an email directly if you have a request for any Caribbean region not covered in detail in this section, we are happy to oblige.

The economy of the Caribbean is for the most part dependent on two industries, tourism and offshore finance. The various governments across the Caribbean have implemented wealth enhancing policies to stimulate investment by creating very attractive tax environments for non-residents. The Caribbean has become a magnet for attracting international monies, a banking region simply known better as an INTERNATIONAL TAX AND ASSET PROTECTION HAVEN. Obviously, one of the main attractions of the Caribbean tax havens is the low tax rates, if any at all. The economic and political situation is stable. The currencies in use for the most part are linked to the US-dollar or the US-dollar itself is in use. Please also visit the BI.C currency index within this BI.C web site for more background information on these Caribbean locations.

Similar to other banking regions around the globe, the Caribbean is not immune to some precarious financial institutions and dubious management ethics. In the past, the country of Grenada has run into difficulties with fraudulent banking activities. Exactly what assets and who are behind some of these banks is an open question. The professionalism of the staff maybe questionable as some employees could be bribed for information from different authorities. For this and other reasons, BI.C takes great concern and research in recommending first class financial institutions and or other professionals who have the specific expertise to answer your request.

http://www.bankintroductions.com/caribbean.html