Cayman hosting review forum on transparency

(CNS): The Cayman Islands Government will be hosting the seventh meeting of the Global Forum Peer Review Group next week at the Westin Casuarina Resort. The event is expected to have more than 150 attendees from more than 40 jurisdictions. At the meeting delegates will discuss peer review reports, and other matters involving the process of improving international financial transparency, by member and non-member countries and the exchange of information for tax purposes. The Minister of Finance, McKeeva Bush, will host the meeting.

“Through our longstanding relationship with the OECD, and having signed bilateral agreements with 23 countries, the Cayman Islands has maintained high standards in tax transparency during the last 11 years,” Bush said in a release.

“As members of the Peer Review Group and the Global Forum Steering Group, we are committed to participating in international cooperation matters relating to tax and policy matters of the OECD. We look forward to sharing our Caymanian hospitality with the delegates, and I also thank the staff of the Financial Services Secretariat for organising this meeting on behalf of the Ministry,” he added.

The Cayman Islands has participated in tax transparency initiatives since2000 and government said it has played an integral role in the restructured Global Forum, Steering Group and the Peer Review Group. To date the Cayman Islands has provided assessors for five peer review evaluations. The Cayman Islands had a favourable assessment during Phase 1 of the Peer Review Process and is expected to undergo its Phase 2 in the second half of 2012.