It is greatly disappointing that two of our financial services firms helped US citizens to engage in illegal activity by evading their tax responsibilities.

We recognise that this settlement may give the public more reason to believe popular misperceptions about the Cayman Islands but in truth, it does not speak to the hard work that we have invested, through more than 15 years of continuous global tax cooperation efforts, to minimise and combat illicit activity. Our actions demonstrate that as a jurisdiction, we do not aid or condone the shirking of tax responsibilities by citizens of other countries.

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