Highlighting Cayman's 'lead on global transparency as a cooperative jurisdiction', UK Chancellor of the Exchequer George Osborne has written to the Minister of Financial Services, Wayne Panton, welcoming Cayman's participation in the discussion for the development and subsequent implementation of a global standard for the sharing of beneficial ownership information.
'Cayman has taken a lead on global transparency as a cooperative jurisdiction, including through your early commitment to the Common Reporting Standard, your joining the Multilateral Convention and the important role that you have played and continue to play in the Global Forum for Tax Transparency', Mr Osborne wrote in his letter, which was dated 10 May and received by the Ministry today (Wednesday, 18 May).
'This has been influential in helping achieve rapid global uptake of these standards and a step-change in global tax transparency'.
Mr Osborne also wrote that he has asked officials to ensure that arrangements are put in place so that the Cayman Islands, along with other committed jurisdictions, will be able to participate in discussions as the global standard is developed.
'It will be important, as you say, to ensure that the new standard respects the confidentiality and security of data and that appropriate legal gateways are in place. I also very much agree with your comments about the importance of a level playing field and hope that we can work together to convince all countries and jurisdictions to join this important initiative', he wrote.
On behalf of Government, Minister Panton wrote to Mr Osborne on 6 May in order to agree to participate in the discussions. In addition to raising the points regarding confidentiality and data security, in his letter he noted that having a level playing field is vitally important in order for global mechanisms to be effective and that as such, he looked forward to other jurisdictions making similar commitments to the initiative.
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