The Cayman Islands recently hosted the seventh meeting of the Global Forum Peer Review Group.
Cayman’s invitation to host the group reflects the jurisdiction’s involvement in high-level, global discussions and decisions on the extensive subject, said Michelle Bahadur, Director of Cayman’s Financial Services Secretariat.
“We are involved in core internal communications that help to steer international processes for this tax information exchange,” she said.
Mrs. Bahadur also said the Cayman Islands is one of many jurisdictions that has substantially implemented the internationally agreed tax standards on transparency and exchange of information for tax purposes. These standards are monitored by the Global Forum, whose membership now includes more than 100 jurisdictions.
Attracting representatives from more than 40 jurisdictions, the Peer Review Group’s meeting was held from 18-22 July at the Westin Casuarina Resort. The meeting was only the second of its kind to be held outside of Paris.
Mrs. Bahadur said the Organisation for Economic Cooperation and Development began its work on tax cooperation in the early 2000s, and that the Global Forum is the continuation of that work. In 2009 the Global Forum was restructured to allow non-OECD countries to fully participate.
The 30-member Peer Review Group, of which Cayman is also a member, was responsible for developing the methodology and detailed terms of reference for a peer-review process for tax transparency and information exchange.
The first phase of the Peer Review Group’s work examines each jurisdiction’s legal and regulatory framework. The second phase examines the implementation of the standards in practice. Cayman was rated as favourable in the first phase of the peer review assessment. The second phase is scheduled for the second half of 2012.