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US surpasses Cayman in secretive listing, Cayman ranked 3rd

UK-based finance watchdog Tax Justice Network has listed Cayman as the third most secretive jurisdiction in the world.

Yesterday (31 January) the outlet released its 2018 Financial Secrecy Index Switzerland was ranked as the leading financial secretive nation, followed by the United States which bumped Cayman into third place.
In its 13-page report on Cayman, the outlet said Cayman today has cleaned-up but only the front of the house.
While they gave Cayman credit for being a signatory to the European Union Savings Tax Directive they say that directive was “very narrowly focused, full of loopholes and hardly impacted Cayman.” The Financial Services Ministry said they will issue a statement on the index tomorrow (1 February.)

About the author

Reshma Ragoonath

Reshma Ragoonath

Reshma Ragoonath is a Trinidadian journalist with 16 years media experience with a strong background in print with her most recent stint at The Cayman Reporter. She has a BA in Mass Communications, as well as, an Associate degree in Journalism and Public Relations.

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