Financial services body: Cayman links to Panama Papers minor

The online database of entities, officers and intermediaries linked to the Panama Papers release shows that links to the Cayman Islands are relatively minor, according to Cayman Finance.

Cayman Finance CEO Jude Scott
Cayman Finance CEO Jude Scott

“Of the 214,000 offshore companies set up by the Panamanian law firm Mossack Fonseca, only 104 had a link to the Cayman Islands, these being of the typical range of business expected of a global financial hub such as Cayman,” said Jude Scott, CEO of the organization representing the various financial services groups in Cayman.

He stated that while no jurisdiction in the world is free from the threat of criminal financial activity, Cayman Finance and the Cayman Islands have no tolerance for those who choose to violate the laws.

“The Cayman Islands financial services industry has been recognized for decades as a strong international partner in combating corruption, money-laundering and tax evasion,” he said. “We meet or exceed all globally accepted standards for transparency and cross border cooperation with law enforcement.

“The Cayman Islands is a transparent jurisdiction.”

Still, both the financial services industry and the Cayman Islands government are supportive of further improvements to the legal infrastructure to promote even greater transparency for law enforcement, he said.

This includes a newly announced prohibition on the use of bearer shares, the repeal of Cayman’s Confidential Relationships (Preservation) Law and new data protection legislation.

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