Cayman Island’s Financiers Reject Tax Evasion Claims

0 Shares

Cayman Island's financiers rejects tax evasion claimsWealthy individuals and corporations seeking to protect their assets have long sought offshore opportunities to ensure that their money can be invested with maximum profit. This has often put them in conflict with United States authorities, who accuse them of tax evasion.

One of the most popular places for those seeking offshore opportunities is Cayman Islands, which has been accused by American politicians such as Senator Carl Levin (D-Mich.) and then-Senator Barack Obama (D-Ill.), co-authors of the "Stop Tax Haven Abuse" bill, of facilitating such practices.

Recently, the island nation’s financial services industry set out to reject what it called "false claims" by Business and Investors against Tax Haven Abuse, an American business group, which said that low or no-tax jurisdictions hurt the American economy.

Cayman Finance specifically emphasized the country’s compliance with international regulation and transparency legislation and its income tax transparency agreement with the U.S. It also referenced The International Monetary Fund and the Financial Action Task Force reports, which testify that Cayman Island’s anti-money laundering regime is among the most robust in the world. Moreover, the nation’s International Organization of Securities Commission (IOSCO) membership guarantees regulator-to-regulator disclosure.

It concluded that far from harming the U.S. economy, the environment offered by Cayman Islands facilitates cross-border business and provides liquidity to global markets, fuelling job creation and poverty reduction.

IOSCO Chairman Anthony Travers called the allegations a "deliberate misrepresentation of lawful tax structuring," and stated that it "should be a source of real concern to the U.S. Congress and the public it represents."ADNFCR-1961-ID-19935842-ADNFCR

Personal Liberty

Special To Personal Liberty

You Sound Off! is written by our readers and appears the last Wednesday of each month. If you would like to submit an article or letter to the editor for consideration for You Sound Off!, send it to yousoundoff@personalliberty.com by the Friday before the last Wednesday of the month. To be considered, a submission should be 750 words or less and must include the writer's name, address and a telephone number. Only the writer's name will be published. Anonymous submissions will not be considered.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.