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.
- 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
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