30 September 2013Cayman analysis

IMAC applauds Cameron’s dismissal of tax accusations

Rob Leadbetter, chairman of the Insurance Managers Association of Cayman (IMAC), extended his thanks to UK Prime Minister David Cameron after the latter told his parliament that he no longer considers overseas territories to be tax havens.

Leadbetter said: “it is wonderful to see acknowledgement by the UK government that the standards not only met but set by the Cayman Islands are recognised as being robust and exemplary. The Cayman Islands’s financial services industry, including captive insurance, has been built upon a philosophy of sound regulation and transparency and hearing this publically stated comes as a welcome validation of our efforts.”

IMAC joins Guernsey and the Isle of Man in extending an official thanks to Cameron for his words, spoken after the most recent G20 meeting.

According to IMAC the Cayman Islands has participated “in every international regulatory initiative, based on a level playing field, for decades”.

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