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Cayman Island’s Financiers Reject Tax Evasion Claims

September 6, 2010 by  

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

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  • dan az

    Why would congress do anything its there bank!

  • J.M.R.

    yes its all right for the government to steal our money and the corps, which have every right to show a profit and keep as much as they can then we have people crying they make to much money, well if’s that how you feel don’t buy their products and they will lower their prices or go out of business

  • Steve

    The US Obama Regime came into power claiming to take the US out of it’s position of getting into every other countries’ business and it seems to have gone opposite of of what it preaches, even more so, has shown it is even worse than ever be for with power abuse. They want The New World Order, oh My God, can you imagine what they would do with world power, We would be praying for Stalin to return! American’s were free, but with a mandated this , mandated that, we will need permission to breathe on certain days of the week. They are controlling all our money transactions,(everything recorded and tracked on cards), they want to track our food usage with new laws that keeps our home gardens tracked, all our home loans are government owned, our healthcare is or will be controlled, what on earth would they do to us if they got World Power. We do not need a few men to keep us living, and safe, those few men need us to believe that we need them so they could take 6o%+ $$ of what we work our butts off to give to them to spend as they feel on what they feel like, living high on the hog, in the best government buildings, expensively furnished, expense accounts, trips, book offers, just living the good life, while we are kept on the White House Plantation , all good kept workers, feeding their ego of Czars, and Kings. History has shown all these great kings all perished. The only King we need is our Faith, and the Golden Rule. Live and Let Live, and put an end to big government, tyranny, more laws that makes life a living hell. Could you imagine, life could be inspirational,with no fears, no burdens, everyone helping each other because we want to.

    • eddie47d

      Right Wingers are pushing the New World Order conspiracies on themselves. “They have met the enemy and the enemy is us”.

    • Carole Howell

      Steve,
      Yeah he did, so did Bush, remember. Believe me there is not a party solution. The solution is ‘publicly financed elections’

      (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.)

      Well where is the proof of the fuelling job creation and poverty reduction?????

  • HM

    Our Congress needs to remove the freakin log out of its own eye before it looks to the speck elsewhere. I’m sick and tired of corporate and government bullying influence in our and other countries affairs. Its not at all what the free enterprise system is about. What a bunch of control freaks. If these idiots spend as much time trying to create better ways of making money instead of trying to steal and control the way others do it, we would be in a greater position of leverage.

  • patrick

    I have been to the Cayman Islands and they are beautifull and the scuba diving is some of, if not the best, waters in the world. The people are beautifull, they do not have crime, and they have a superior banking system where people can make very good profits on their investments. Leave these Islands and their people alone! Go play in the sand in the middle east, drop a few nuke’s while you are there too! This is the least of our worries obammy boy, go find ways to create jobs in America… our biggest problem. It is sad that Obammy boy and his crew of crooked czaes are so stupid they don’t even know how to tie their shoes.

    • eddie47d

      Tax scammers are a dime a dozen and hardly heros. The Cayman Islands is their casino and nothing more than a financial Fantasy Island with cyber banks. They hardly have 600 brick and mortar banks if any.

    • Carole Howell

      Patrick,
      They have 2 political parties, the United Democratic Party and the People’s Progressive Movement….sounds like they are practicing Socialism there. Plus they are very stable.

  • Jason Witt

    Our elected officials needs to be haltered from stealing anymore of our money. They spend it recklessly on pork barrel projects instead of spending it where it needs to be spent. At the turn of the century 1900 we had but a few taxes and a surcharge on imports which ran the government. We were the most productive nation on earth, then WWI came and we gave congress authority to tax us on certain items to pay for the war. Every since then they have brought it upon themselves to tax us on everything to bring greater wealth to themselves.

    The time has come to take up arms and exterminate these self serving individual tyrants. As Thomas Jefferson Stated: “The tree of liberty needs to be refreshed from time to time with the blood of patriots and the blood of tyrants”.

    Our elected officials have become like coch roaches in a house. You can step on one (Vote him out), but there is another low life parasite willing to take his place, and we all know the only way to get coch roaches out of a house is through extermination, its the same with congress!

    • http://AOL Baby

      Jason, You Sir are so right! By far the best comment I have seen in some time ;-)..God Bless!

  • Anthony

    Probably about a decade ago, I read an Article where the Clinton’s were moving their investments from the Cayman’s over to Switzerland.

    Now, we all know the Clintons are deeply embedded with George Soros – if you hadn’t heard this, I apologize for waking you up, Mr./Mrs. Rip Van Winkle.

    I said then, and I stand by it now, once people like the Clintons were moving their cash out of… the Cayman Islands, it would only be a matter of time before that HAVEN (especially for the Kennedy’s) would be erradicated and confiscated by THE FED. It’s usefulness appears to be over,… for the time being, at least.

    Quote:
    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.”

    The above comment is telling on several levels.
    1)Travers is most likely correct when he describes the accusations as such
    2)Travers probably has no true concept of whether or not our elected officials are actually representing “we, the people” ….

    3)My interpretation is that the Wall Street Crowd feels this HAVEN is hoarding monies that – due to sophistry – somehow actually belongs to them, as Banking Elites.

    Back in the day, this HAVEN concept was well-rounded by the Kennedy crowd, in that you needed at least $250,000 to open an Account and that amount HAD TO STAY THERE, for the Account to remain open. Yet, once it was there, it worked to keep your profits from being taxed by mainland USA.

    So, HAVEN … is an accurate term. And, yes, it was designed to take earnings into the arena that THE FED enjoys… as in the not-being-taxed-in-any-fashion arena. Something Switzerland has provided for several hundred years, as well.

    • Proud to be a Christian

      You are absolutely correct. In’t it funny that it was Pres. Kennedy that made Americans pay income tax on world wide income and exempted only I think back then it was like 85,000.00, now it is a little higher. He closed that loophole after he had his all set up.

    • Carole Howell

      Anthony, If you had a billion or two you would not take it to the Cayman Islands or to Switzerland either eh?

  • Dave

    When the bank bailouts started the supply of US currency flowing to the Caymans went crazy. Now the Caymans have more US currency on deposit than Canada has. Canada is the USA’s largest trading partner.

    If something isn’t crooked there then what exactly is going on? Much of the bailout money flowed directly offshore.

    • thinking

      The Caymans has over 600 banks, they will tell you this. They have no taxes and much land is owned by the rich and famous like Oprah, Kenney Rogers, as well as thousands of rich americans and other countries. How do you think Oprah will feel if they take away her money. She may change her vote. You can too

  • s c

    Hopefully, most people understand by now that Uncle Scam is THE worst anal retentive on the planet. Uncle Scam thinks that ALL wealth in America “belongs” to him. Some people have bought into that LIE. Uncle Scam deserves a series of swift arse kicks, a serious case of a flattened nose and constant reminders that the old, treasonous SOB works for US and that he is ACCOUNTABLE – regardless of what that retard thinks.
    If it was possible, Uncle Scam would tax people because they DARED to THINK about money without having advanced, written ‘permission.’ Uncle Scam needs to be put in his place, and he needs to be told in no uncertain terms that he will be given a fast, unhealthy dose of true ‘social justice’ every time he DARES to STEAL from the American people.

  • Dave

    Most numbered bank accounts charge you money to leave it on deposit with them. Some as much as 5% per annum. You would be better off buying gold than dealing with those crooks.

  • Carole Howell

    Social Justice, is that a form of socialism?

    • s c

      CH, when you enter the world of academia, you will be surrounded by those who tell you what THEY want you to ‘know’ and think. I’ve been where you’re going. Unless you can be and remain independent, you will leave that setting as just another starry-eyed, gullible, smoke-sucking liberal.
      Facts tend to be shunned in colleges and universities. At some point, even the sciences will fall victim to the onslaught of pc Nazis and intellectual prostitutes who pose as graduate students and profs. If you can find a prof worth seeing as an icon, I hope you find another Linus Pauling.
      If you choose history, I hope you are influenced by someone who knows how to separate theory from fantasy. If you get into mass communications or ‘journalism,’ good luck. America doesn’t need more media whores.
      Believe it or not, I wish you well. However, know that it’s YOUR job to be independent. If you can’t do that, you will have wasted your time on a campus. If you’re a Pell grant recipient, you have NO excuse for getting anything less than high marks. The next move is YOURS.

  • http://bestnews-source.com Shamas

    For too long now, we (Americans)have had little or no representation in our own employed government system. “Global Banking” is a classic example. The US Citizens as a whole are more in favor of protecting US Sovereignty than they are in building a freaking One World Government. Clinton’s, NAFTA (Middle class disassembling program) program…Bush #2 and his SPP ( North American Treason agreement) …All have failed miserable because they don’t serve the the people of the USA. They only sever Global Banking ideologies. Indeed, the Global Banks see those projects as a big success despite the millions who have lost their jobs and signed up for food stamps because of them.

    Oh…..you Don’t believe me?
    Then why ask The American People themselves if they are in favor of that sort of Treason? Go ahead….don’t be afraid if you’re so sure of yourself. The important issues like I mentioned above are seldom even seen on a the USA voting Ballots.
    In my own opinion, “We the People…” should have access to a much easier way for firing those elected employees when they aren’t doing their job for us. Like when they don’t provide the proper personal credentials when the employers asks to them ( Ie., Usurper Barry Soetoro)… Or when the elected employees decide to take the country to war ( Ie., Nixon, Bush, and now Usurpwer Barry Soetoro…in Iraq and Afghanistan) without the authority or approval of the US Citizens. Yep…” we the people…” should indeed be able to readily “vote and fire” all those anti-American employees who aren’t performing their duties according to the US Constitution. It’s really that simple.

    • http://AOL Baby

      I’m so with you Shamas! It is high time that “WE THE PEOPLE” take back OUR government! If we don’t do it, and do it now, There will be nothing to fight for.

  • dean

    obama was elected by a fair vote of the people. “w” was elected by conservitives on the supreme court. so who’s the usurper? bush declared war on afghanistan,and iraq, not obama.the tea party is a phony “grass roots” movement funded by the koch brothers, two billionare brothers who inherited thier money from dear old dad. who made a big part of his money working for joe stalin, during the cold war. wich makes him a traiter, as far as im concerned. these creeps dont have the best interest of the u.s. at heart, or the american people either. if republicans retake the house or senate. in the midterm elections they will go on indless witch hunts, that will cost taxpayers millions of dollars. and in the end it will prove to be a waste of money. they will extend the bush tax cuts for the super rich and the u.s. will be trillions of dollars in more debt. and no jobs will be gained. they will deregulate wall st. again along with big oil, and coal.and the food industry. we will end up having more economic meltdowns becouse of wall st. greed.more big oil spills, more miners being killed. more e-coli breakouts.etc. in the end they will sucseed in destroying social security,public education, medicare medicaid. minimum wages, everything conservitives hate. and many more americans will be in absulute poverty. and still no jobs. they have voted no on every single bill that would have helped the economy! if you vote these people back in power the only ones who will benifit will be the already super rich. they dont need extended tax cuts. if that was the sulution then our economy wouldnt be so bad. becouse they have had these huge tax cuts for the last 10 years! and still you think conservitives have all the answers. if it wasnt for tax cuts and anti abortion. the republicans would have nothing to run on! so they create these sideshows about hating muslims,mexicans, gays, or anything else that gets attension away from the real issues, becouse all they have to offer is the same old crap that got us in trouble to begin with, all this anti-muslim demigogary is going to get more americans killed.i have to go pickup my doughter from school or i would say more.

  • Small Business Owner

    Dean it appears that you are a Demo”CAN’T”, first of all as a small business owner who works 80 to 100 hours each week, when the tax breaks are repealed every family in America will loose another 15% of their income. Between my wife and I we made a little over 100 thousand last year working 7days a week with no time off for good behavior. So when you speak about the effects of big business and their tax cuts you forget that you as an individual enjoy the benefits of those same cuts, but not any more. Just think that when you go to work each day, (and I presume you do work, or are you a welfare recipient) your withholding just went up also, so you get to work for less money per hour every day you report to the job. For me and mine I have to work 10 more hours each week to replace what will be taken in taxes. So before you spout off about the rich, they don’t pay taxes, we do! The rich collect our taxes that we pay when we buy their products and services, and before they send the money in to your Uncle Sam the put it in the bank and make money on the money we paid them. Are you so dim that you do not realize how the system works? The smoke screens that are being put up by Republi”CANS” and Demo”CANTS” alike are marketing tools to divert our attention from the real issues in life.

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