Cayman is in the clear when it comes to the European Union’s black list for now.
That’s the word from Financial Services Minister Hon. Wayne Panton refuting local reports claiming Cayman could wind up on the EU list of non-cooperative jurisdictions based on new criteria agreed to by the European council of finance ministers.
“I don’t think there could possibly be any conclusion that Cayman is definitely going to be on any list,” Mr Panton says.
The Financial Services minister’s clearing the air on Cayman’s chances of being blacklisted saying we are in a good position internationally especially with regulation and compliance.
“Cayman has a long track record and a very successful track record of meeting international obligations and we have always said we are not afraid of global regulations as long as it is across the board,” he says.
Mr Panton adds concerns over Cayman being blacklisted are no more because the assessment criteria about direct taxation that could have roped Cayman on the list has been withdrawn.
“Finance ministers of the European Union have concluded that factor was not an appropriate one to be utilised in the assessment,” he explained.
However three factors; preferential tax regime, tax transparency and base erosion and profit shifting will be used for assessment. Also he adds Cayman’s been removed from the 2015 pan EU non-compliance blacklist.
Over the past several years Cayman has become compliant with many international finance assessment lists.