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Cayman Islands welcomes UK meeting on tax evasion

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The government of the Cayman Islands has agreed to three steps designed to tackle the global problem of tax evasion, following Friday’s meeting with UK Prime Minister David Cameron.

 
The Cayman Islands will play an active part in the new pilot initiative of multilateral automatic tax information exchange launched by the UK, France, Germany, Italy and Spain; publish national action plans on Beneficial Ownership; and commit to joining the Multilateral Convention on Mutual Administrative Assistance on Tax Matters
 
According to a statement issued by the Cayman Islands government: “We support the Prime Minister’s view that as we free up the world economy we must make sure openness delivers benefits for rich economies and developing countries alike and that we maintain confidence in the fairness and effectiveness of our tax systems and in the operation of global markets. Tackling tax evasion and fraud is a global responsibility in which we will continue to play our full part.
 
“We welcome the Prime Minister’s leadership and willingness to work in partnership with us in seeking to achieve a step change in international standards through the UK’s G8 Presidency. 
 
“As part of our continuing commitment to tackling tax evasion and fraud, we have also undertaken to publish Action Plans, at the same time as those G8 countries publishing plans in Lough Erne, setting out the concrete steps, where needed, to fully implement the Financial Action Task Force standards to further increase transparency on beneficial ownership information and to ensure that this information is freely available to law enforcement and tax authorities.
 
“The Multilateral Convention on Mutual Administrative Assistance in Tax Matters is an important global instrument, which builds upon our existing network of bilateral agreements for exchanging information between tax authorities.  The Convention offers an accessible route to increase the number of jurisdictions which will be able to benefit from information exchange.  We commit to joining the Convention and will be requesting its extension to our jurisdictions as rapidly as possible, subject to our domestic procedures.
 
“We are committed to continuing to playing a leading role in delivering a responsible and effectively regulated global business environment and to tackling the global problem of tax evasion.”

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