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Industry Updates

OECD Confirms Cayman Compliant with Tax Information Exchange Standards

20 Apr 2013

On 11 April 2013, the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes ("Global Forum") released their Phase 2 Peer Review Report on the Cayman Islands.

Given its prominence in global financial markets, the Cayman Islands was one of the first jurisdictions to be reviewed under Phase 1 and Phase 2 of the Peer Review process.

The Phase 2 Review, which was undertaken between July 2012 and January 2013, assessed the practical implementation of the Cayman Islands tax information exchange regime; i.e. whether the regime works in practice.  The Cayman Islands has had a tax information exchange framework in place for over a decade and is currently a signatory of 31 bilateral tax information exchange agreements, including most recently with Italy and Brazil. 

In summary, the Global Forum Review confirmed:

a) The Cayman Islands has addressed all recommendations in the Phase 1 Report;

b) The Cayman Islands has succeeded in practically implementing the international standard for transparency and exchange of information;

c) The Cayman Islands Tax Information Authority is well organised with adequate internal processes in place for handling EOI requests and has successfully exercised its powers in gathering information for requesting authorities; and

d) Requesting authorities have attested to the high quality responses provided by the Cayman Islands in a swift and timely manner.

The Cayman Islands is a member of the Global Forum's Steering Group and Peer Review Group and continues to demonstrate its adherence to international cooperation and transparency initiatives in relation to tax and criminal matters. 

Henry Smith, Global Managing Partner of Maples and Calder noted, "The excellent Phase 2 Report results are not only a testament to the hard work performed by the Cayman Islands government, particularly the Tax Information Authority, in conjunction with the private sector, but also reinforce the fact that the Cayman Islands is, and has been, fully committed to transparency and cooperation in relation to such matters."

If you should have any questions in relation to the Cayman Islands tax information exchange regime, please contact either of the individuals listed above.

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Risk management and regulatory compliance have become key priorities for clients with both regulators and investors demanding greater transparency and enhanced reporting. Compliance with these obligations means ensuring a clear understanding of the ongoing requirements and often the aggregation, calculation, maintenance, reconciliation and submission of extensive data sets to various parties on a regular basis. The Maples Group has unrivalled expertise in regulatory matters, particularly in the field of anti-money laundering and counter-terrorist financing. We pride ourselves on our established relationships with regulatory bodies and have had significant involvement with the development of financial services law and policy both locally and internationally. Our ability to draw on this experience enables us to provide prompt, pertinent and clear advice that adds real value and helps our clients determine how best to maintain compliance across multiple jurisdictions.