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You are here: Homepage > Press Room > Press Releases 2009 > LoGB Statement on G-20 Summit

Published 3rd April 2009, 1:34pm

George Town, Grand Cayman – The following is the text of a statement by the Honourable Kurt Tibbetts, Leader of Government Business, delivered this afternoon at a briefing to domestic media on the G-20 Summit and the subsequent OCED report.

Good afternoon ladies and gentlemen from the media, and a warm welcome to our listening and viewing audiences. We are grateful that you could join us at such short notice.

I know many of you are interested in hearing Government’s position regarding outcomes from yesterday’s G-20 Summit in London, and the related report issued by the OECD on progress by financial centres around the world towards implementation of international standards on exchange of information on tax matters, and the treatment of the Cayman Islands within that report.

On those G-20 outcomes, the Cayman Islands Government is reviewing the proposed measures announced yesterday – particularly those related to strengthening financial supervision and regulation, resisting protectionism and promoting global trade and investment and strengthening global financial institutions.

Government will be looking for opportunities to engage with international standard setters directly or thorough government counterparts to provide our input where we can, keeping with our commitment to being “a strong link on the chain” in the global financial system.

On the OECD progress report, we have taken note of the Cayman Islands position and believe that the Cayman Islands is cast in the “lightest shade of gray” among the financial centres with which we have been listed. Our position is informed by the fact that we currently have the highest number of tax information arrangements and that the OECD has identified – in both yesterday’s report in a footnote and in its statement on the Cayman Islands just before the G-20 summit – that our unilateral mechanism is a significant step forward and is “setting a good example” on broadening information exchange relationships.

The Cayman Islands was one of the first jurisdictions to commit to OECD standards for transparency and exchange of information in tax matters in May of 2000.

We have upheld that commitment by working with OECD and non-OECD colleagues to design effective standards, by reflecting those standards in our domestic regime, and then embarking on a programme to extend assistance arrangements to other countries.

The Cayman Islands is in a strong position to achieve additional recognition for our efforts that we have earned and we will continue our policy of commitment to international standards including those in the area of exchange of information and transparency on tax matters.

 

For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at financepr@gov.ky.