Photo: Claudio Divizia /
28 March 2014Cayman analysis

Cayman premier defends Island’s credentials on BBC

Cayman premier,Alden McLaughlin defended Cayman’s tax record on BBC’s HARDtalk arguing that the Island is in fact more tax transparent than the UK.

He told host Stephen Sakur that its zero tax regime had turned Cayman into one of the most scrutinised offshore domiciles in the world.

But McLaughlin told Sakur that Cayman had been actively engaged, and has complied with, every international regulatory initiative over the last two decades. He said that Cayman deserves its reputation as a solid, transparent global domicile.

“In many respects we are actually ahead of the UK, certainly in terms of beneficial ownership” said McLaughlin.

The premier highlighted the 33 tax information exchange agreements that Cayman has signed and its partnership with the Organization for Economic Cooperation and Development's (OECD) Multilateral Convention on Mutual Assistance in Tax Matters as being integral to its reputation internationally.

"As the premier of the Cayman Islands, I have no difficulty, and my government has absolutely no difficulty, in complying with what are international standards,” he stated.

Cayman came under attack from Sakur during the 25 minute interview, who described the Island as one of the strangest and most unbalanced micro-economies in the world.