18 April 2013Cayman analysis

Cayman receives top marks from OECD

In its latest Global Forum Peer Review, the OECD has given Cayman top marks for its “robust and transparent” legal and regulatory regime.

The Organisation for Economic Co-operation and Development’s (OECDs) review was established back in 2000 to enhance transparency among low tax jurisdictions, providing a multilateral framework to investigate and exchange global information on tax.

The report commended Cayman’s financial industry for its timely and efficient release of tax information and the quality of cooperation and speedy responses relating to the exchange of information requests.

Cayman now boasts 31 tax information exchange agreements (one is a double tax treaty).

Commenting on the OECD report, Rob Leadbetter, chairman of the Insurance Managers Association of Cayman (IMAC) said: “Cayman has a solid legal and regulatory framework that is based on a platform of tax transparency and the provision of a stable and responsive business environment.  I can only hope that the commendations in this report will be heard far and wide and people will start to understand that Cayman is a successful international financial centre because of this high level of compliance and infrastructure”.