The Telegraph, 18 Jan 2013
The British
overseas territory, which has been criticised as being one of the most
secretive finance jurisdictions in the world, is introducing reforms that will
make public the names of thousands of previously hidden companies and their
directors, reports the Financial Times,
CIMA, the
islands' monetary authority, sent proposals, seen by the FT, to Cayman-based
hedge funds and outlined plans to create a public database of funds domiciled
on the island for the first time and will also list the funds’ directors,
pending an ongoing consultation process due to close in mid-March.
“In the 24
months subsequent to the onset of the financial crisis, the BVI Financial
Services Commission, the Central Bank of Ireland, the Jersey Financial Services
Commission, the Bahamas Financial Services Board and the Isle of Man
Supervision Commission all updated their corporate governance codes, laws
and/or regulations,” the FT reports CIMA said in one document.
CIMA did
not respond to the FT's request for a comment.
The Cayman
Islands are seen as a tax-haven by many companies to avoid payer higher rates
of tax in other countries.
Related
Articles
- Cayman Islands leader ousted in vote of no confidence 19 Dec 2012
- Cayman Islands seeks to stop businessmen leaving 29 Dec 2009
- Facebook hid £440m in Cayman Islands haven 23 Dec 2012
- Cayman Islands leader dismisses corruption allegations as witchhunt 14 Dec 2012
Offshore Secrets |
Related Articles:
Offshore secrets revealed: the shadowy side of a booming industry
$21tn: hoard hidden from taxman by global elite
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.