(Grand Cayman) Speaking in the House of Commons his exact words were: “I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems.”

Cayman Finance welcomes these comments by the Prime Minister, which finally recognise the transparency of the Cayman Islands financial services industry built over the past four decades.

A good, recent example of how the Cayman Islands compares to other jurisdictions is illustrated in the OECD Secretary-General’s Report to the G20 Leaders, issued in early September.  The report shows ratings for 98 jurisdictions, based on nine criteria, giving a green, amber, or red rating for each and where ‘green’ denotes the highest rating.

Cayman is rated green across all nine categories. Brazil and the US have two ambers, Russia has seven, and Canada, Germany, Spain, and the UK each have one.

“Clearly we appreciate the comments by the Honourable Prime Minister.  Given the facts, like the OECD/FATF reviews, we believe it is about time Cayman starts to receive some credit.  We applaud Prime Minster Cameron for making this statement, which reflects the reality of the situation regarding international financial centres.  We hope other heads of state emulate his actions, and the international media starts to focus on facts rather than fiction,” said Gonzalo Jalles, CEO of Cayman Finance.

PHOTO: Gonzalo Jalles, CEO of Cayman Finance

END

See following related story sent to us from Guernsey International Finance Centre

Prime Minister David Cameron says that Guernsey is not a tax haven

Prime Minister David Cameron has told other Members of Parliament that it is unfair to refer to Guernsey as a tax haven.

In responding to a question from Labour MP Fiona O’Donnell in the House of Commons, following his statement on the recent G20 summit in St Petersburg, Mr Cameron recognised the positive steps taken by Guernsey and the other Crown Dependencies in relation to international transparency and cooperation.

Mr Cameron said: “I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems. It is very important that our focus should now shift to those territories and countries that really are tax havens. The Crown Dependencies and Overseas Territories, which matter so much – quite rightly – to the British people and members have taken the necessary action and should get the backing for it.”

Guernsey’s Chief Minister, Peter Harwood, has welcomed Mr Cameron’s comments.

“I welcome the Prime Minister’s acknowledgement that the label ‘tax haven’ is one that is not applicable to Guernsey. As the Prime Minister’s recent letter to me recognised, Guernsey has shown leadership on tax transparency for a number of years, and continues to do so. Guernsey is not a tax haven, and nor is it a secrecy jurisdiction – it is a transparent and open international finance centre.”

Fiona Le Poidevin, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry internationally, said she hoped the Prime Minister’s comments would bring an end to Guernsey’s connection with the label ‘tax haven’.

“The Prime Minister has rightly pointed out that we are not a secretive jurisdiction and that the tax haven label shouldn’t apply,” said Miss Le Poidevin.

“Hopefully his comments will not only bring an end to the label’s use, but also raise awareness among the wider UK public about the level of contribution that Guernsey and the other Crown Dependencies make to the UK economy. The UK Deputy Prime Minister, Nick Clegg, made similar comments last year when he pointed out that we were ‘an important gateway for the wider financial sector and indeed the economy in the United Kingdom’.

“In his open letter to the Overseas Territories and Crown Dependencies in May, ahead of June’s G8 summit, Mr Cameron said he respected our right to be a lower tax jurisdiction which we appreciated as, just like the Prime Minister, we do not condone tax evasion. We would like to think that his latest comments will put the notion that Guernsey is a tax haven to bed and instead paint it as the cooperative and transparent international finance centre that we are.”

PHOTO: Fiona Le Poidevin, Chief Executive of Guernsey Finance