Most Read Contributor in Cayman Islands, September 2016
George Town, Grand Cayman – In addition
to receiving a high ranking for its legislative and regulatory
framework, the Cayman Islands has been confirmed as one of the vice
chairs of the Peer Review Group, and retained its position on the
Steering Group, of the Global Forum on Transparency and Exchange of
Information for Tax Purposes.
'This confirmation recognises the dedication and value that
Cayman has brought to the Global Forum over these past few
years', said Minister for Financial Services Wayne Panton.
'While this will mean more responsibility, it demonstrates that
our engagement, commitment and hard work are acknowledged'.
The positions were confirmed as part of the periodic rotation of
membership in the forum's Steering Group and Peer Review Group.
The rotation will become effective on 1 January 2014.
Cayman also has been rated 'largely compliant' following
the Global Forum's peer review and rating process. The ratings
were based on the forum's Phase 1 assessments of member
countries' legal and regulatory frameworks, and Phase 2
assessments of their practical implementation of the global
standard for tax information exchange.
Other countries in the largely compliant category include the
Bahamas, Bermuda, Germany, Italy, Jersey, Singapore, the UK and the
For the ratings process, the Global Forum assigned compliant,
largely compliant, partially compliant, or non-compliant ratings to
10 individual elements. In addition, an overall rating was given.
Cayman's received eight compliant ratings, and two largely
compliant ratings, on the individual elements.
In all, the Global Forum published the ratings of 50
jurisdictions at its 6th Plenary Meeting in Jakarta on 22 November
2013. The overall rating for 18 jurisdictions was compliant; 26,
largely compliant; two, partially compliant; and four,
'I am very pleased with Cayman's rating, and with our
participation in the Global Forum', Minister Panton said.
'The overall results of the Peer Review ratings demonstrate
that the forum is ensuring proper adherence to the international
standard on exchange of information for tax purposes, based an
objective and robust peer review mechanism'.
The Global Forum's membership comprises 121 countries.
According to its release, work began on rating the members'
exchange of information framework once a representative sample of
peer review reports had completed.
Also at the Jakarta meeting, the Global Forum established an
Automatic Exchange of Information (AEOI) Group, open to all
interested members, to prepare the move towards AEOI
implementation. Italy was elected chair of this group, and Cayman
is a member.
Furthermore, members examined the Global Forum's terms of
reference, in order to take account of recent developments in
transparency, including in relation to beneficial ownership.
Virtual currency trading value and volume is soaring globally, but regulating virtual currencies and those who provide virtual currency exchange services (Exchangers) is challenging.
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