Cayman begins revealing tax-payers details to UK

| 06/11/2013

(CNS Business): The Cayman Islands has become the first of the overseas territories to sign a FATCA-type intergovernmental agreement with the UK, paving the way for the jurisdiction to automatically share financial information on UK taxpayers who hold Cayman Islands accounts. Another step in the gradual transition to much more transparency in all jurisdictions in relation to offshore finances, the deal is in line with the OECD goal of a single global standard for automatic information exchange by February next year. Cayman’s financial services minister, Wayne Panton, said that Cayman and the UK will monitor the agreement to see that it remains effective against tax evasion while not adding undue compliance costs for financial institutions. Read more on CNS Business

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