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An Open Letter to Sen. Byron Dorgan from Cayman Finance

Published on Thursday, June 10, 2010 Email To Friend    Print Version

Setting the Record Straight About the Cayman Islands

Dear Sen. Dorgan:

During the recent debate over financial regulatory reform, you perpetuated the myth that the Cayman Islands is a “tax secrecy jurisdiction” with “unbelievably ridiculous loopholes.”

Neither of those claims is true.

The Cayman Islands has full tax transparency with the United States and with 27 members of the European Union. The US Department of Justice has had complete authority to access needed records in the Cayman Islands since 1990. Profits and capital gains made in the United States by Cayman Islands investment vehicles are fully taxable under United States law.

The anti-money laundering legislation of the Cayman Islands has been evaluated by the International Monetary Fund and by the Financial Action Task Force and is found to be superior to that of the United States and most EU jurisdictions.

As a member of the International Organization of Securities Commissions (IOSCO), the Cayman Islands have full “regulator-to-regulator” disclosure with all other IOSCO regulators. Moreover, the financial services sector in the Cayman Islands is enormously important to the economic growth of the United States: the preponderant flow of capital is from the Cayman Islands into, not out of, the United States.

Most of what Americans think they know about the Cayman Islands is wrong. It’s time to learn how our financial services industry is working to promote economic growth in the United States and around the world.

Anthony Travers, O.B.E.
Cayman Finance
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