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Premier calls out disparities in standards for tax information sharing

“I believe we’ve earned our seat at the table to be part of the development of any new global standard,” said Premier Alden Mclaughlin as he took the floor at Thursday’s Anti-Corruption Summit in London.

The Premier called out the bigger boys in the game, outlining Cayman’s history of helping fight money laundering, tax evasion, and illicit finance.

He told those in attendance it’s time to create a true global standard for information sharing, and shed the hypocrisy he says has been inherent to the so-called “tax haven” conversation for years.

“If those countries with real political clout on the world stage continue to focus on jurisdictions that are smaller in size, while ignoring obvious jurisdictions that ought to be part of the conversation, the result will be continued failure,” said Mr. McLaughlin.

He stressed corruption does not seek to operate in well-regulated jurisdictions with high standards such as ours.

“Instead it will be attracted to those places that are less transparent, and where the standards are lower,” said Mr. McLaughlin. “I urge this summit that there is little point in us continuing the rhetoric if we are going to continue to allow major countries to be outside of or excluded from whatever the global standard is.”

About the author

Joe Avary

Joe Avary

Joe Avary has been with Cayman 27 since 2014. He brings 20 years in television experience to the job, working hard every day to bring the people of Cayman stories that inform the public and make a difference in the community. Joe hopes his love for the Cayman Islands shines through in his informative and entertaining weather reports. If you have a story idea for Joe or just want to say hello, call him at 324-2141 or send an email to josephavary@hurleysmedia.ky

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