Cayman Islands Signs Nordic Agreement
Published 1st April 2009, 2:52pm
The Cayman Islands and representatives from the Nordic countries – which comprise Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden – signed tax information agreements at a ceremony held today at the Swedish Ministry of Finance in Stockholm.
Signing the agreements on behalf of the Cayman Islands was the Honourable Alden McLaughlin, in his capacity as Minister for International Financial Services Policy. Also in attendance was Deborah Drummond, Deputy Financial Secretary (Financial Services) who leads the Cayman Islands’ bilateral negotiations programme.
Signing the agreements on behalf of the Nordic countries were: Ingmar Hansson, Secretary of State, Sweden; Odd L. Fosseidbråten, Norway’s Ambassador to Sweden; Tom Risdahl Jensen, Denmark’s Ambassador to Sweden; Alec Aalto, Finland’s Ambassador to Sweden; Guðmundur Árni Stefánsson, Iceland’s Ambassadör to Sweden; Herálvur Joensen, Head of Representation, The Faroe Islands, and; Tove Søvndahl Pedersen, Head of Representation, Greenland.
Other attendees at the ceremony included representatives from the Swedish Ministry of Finance, the Nordic Council and Swedish media, including Dagens Nyheter and Svenska Dagbladet, Sweden’s largest and second largest morning newspapers respectively, as well as Sveriges Radio (Swedish Radio).
Minister McLaughlin made the following remarks to attendees following the signing ceremony (check against delivery):
Thank you Secretary Hansson. Ambassadors and heads of representation from the Nordic countries, other distinguished guests, ladies and gentlemen, good afternoon.
It is an honour for me to be here in the beautiful city of Stockholm on this historic occasion, representing the Cayman Islands Government and marking the beginning of what we know will be a productive, mutually-rewarding relationship between the Cayman Islands and the Nordic countries.
With the signing of these seven tax information agreements, the Cayman Islands officially becomes one of the Nordic group’s newest partners. We look forward to building on that partnership through the anticipated signing of commercial agreements in June of this year.
We are equally proud of the fact that with these agreements today, the Cayman Islands has tax cooperation arrangements in place with 20 OECD countries, including our major trading partners.
We look forward to continuing these efforts and adding more agreements and reinforcing our position as one of the first jurisdictions to commit to OECD standards for transparency and exchange of information in tax matters.
Although our geographical and historical differences are readily apparent, I see many common threads between the Nordic countries and the Cayman Islands – particularly the strong sea-faring history our countries share and the resilience of our people.
The Cayman Islands Government and our people are proud of what we have been able to achieve as a global financial services centre, particularly our commitment and track record in upholding international standards in cooperation, regulation and anti money laundering.
I want to express my gratitude to the Nordic Council for arranging this ceremony today, particularly the Swedish Ministry of Finance, and to my Nordic colleagues, we look forward to many years of successful cooperation in tax and commercial matters.
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