Wednesday (11 May) Cayman Finance CEO Jude Scott, who is in London, said the country’s links to the Panama Papers scandal are relatively minor.
The Panama Papers database went online Monday (9 May), and its contents are available to the public and completely searchable.
In a statement, Mr. Scott pointed out that out of some 214,000 companies set up by the Panamanian law firm Mossack Fonseca, only 104 had Cayman ties. That’s around five one hundredths of a percent.
“The Cayman Islands financial services industry has been a recognised for decades as a strong international partner in combating corruption, money-laundering and tax evasion. We meet or exceed all globally-accepted standards for transparency and cross border cooperation with law enforcement. The Cayman Islands is a transparent jurisdiction,” Mr Scott said in the press release.
The public can access and search the data at the International Consortium of International Journalists Offshore Leaks Database website.
The database contains information on almost 320,000 offshore entities that are part of the Panama Papers and Offshore Leaks investigations. The data covers nearly 40 years up to the end of 2015 and links to people and companies in more than 200 countries and territories.
The website points out that legitimate uses for offshore companies and trusts exist, and that the database isn’t intended to suggest or imply that any persons, companies or other entities included in the database have broken the law or otherwise acted improperly.