Cayman hosts OECD Peer Review Group

The Ministry of Finance is hosting the seventh meeting of the Global Forum Peer Review Group this week from 18-22 July at the Westin Casuarina Resort.

More than 150 attendees from more than 40 jurisdictions are attending the meeting, which comprises presentations, discussions and approvals of peer review reports, and other matters involving the peer review process by member and non-member countries that relate to transparency and the exchange of information for tax purposes.

Cayman Island’s Premier and Minister of Finance McKeeva Bush is hosting the meeting.

“Through our longstanding relationship with the OECD, and having signed bilateral agreements with 23 countries, the Cayman Islands has maintained high standards in tax transparency during the last 11 years,” Mr. Bush said. “As members of the Peer Review Group and the Global Forum Steering Group, we are committed to participating in international cooperation matters relating to tax and policy matters of the OECD.

“We look forward to sharing our Caymanian hospitality with the delegates, and I also thank the staff of the Financial Services Secretariat for organising this meeting on behalf of the Ministry,” Mr. Bush added.

The Cayman Islands has participated in tax transparency initiatives since 2000 and played an active role in the restructured Global Forum, Steering Group and the Peer Review Group. To date the Cayman Islands has provided assessors for five peer review evaluations.

The Phase 1 peer review assessment of the Cayman Islands was favourable, the Ministry of Finance said in a statement. Phase 2 of the assessment is scheduled for the second half of 2012.

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