Cayman Islands Take Over Chairmanship Of CFATF And Proposes Setting Up New Working Group On Tax Competition Issues

The Cayman Islands Government has taken over the Chairmanship of the Caribbean Financial Action Task Force (CFATF) at a meeting of the full Council held in the Cayman Islands.

In his inaugural speech George McCarthy, Financial secretary for the Cayman Islands proposed the setting up of a working committee of the CFATF to discuss a way forward to address tax policy initiatives which affect CFATF member countries. His proposal was agreed and the committee will make its first report during the next CTATF Plenary meeting in March 1999.

George McCarthy, announcing this proposal said:

"The Cayman Islands and other members of the CFATF are taking a lead in considering ways of addressing the concerns over tax competition issues, particularly in relation to the recent OECD report on "Harmful Tax Competition". The formation of the working group is one of the first steps in this process."


The Caribbean Financial Action Task Force (CFATF) is an organisation of 25 states of the Caribbean basin with have agreed to implement common countermeasure to address the problem of criminal money laundering. It was established in 1992 and works closely with the Financial Action Task Force established by the Group of Secen at the 1989 Paris Summit.

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For further information on the above please contact Jacqui Crane or Miranda Pugh at Cayman Islands Government Press Office