In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles
Published on August 21, 2017
Summary of the report
During the second round of reviews, all elements were rated compliant with the exception of elements A1, A2 and B1 that were rated Largely Complaint. Notably, in respect of requirements for beneficial ownership information to be maintained the Cayman Islands has a solid legal framework which is presided over by the Registrar and the financial regulator. Nevertheless, the Cayman Islands has been issued a recommendation to monitor the newly introduced legal requirements to ensure that beneficial ownership information is available for all entities. In respect of accounting, the lack of a comprehensive system of oversight was identified and a recommendation remains from the first round of reviews in this regard. The Cayman Islands received 161 requests over the review period and was able to exchange all of the requested information with the exception of one case where the information was not maintained in the Cayman Islands. Therefore, the Cayman Islands was recommended to ensure that its enforcement powers are sufficiently exercised to ensure that it can access all information in all cases. All other elements were found to be compliant and no other issues were identified. Peer input was very positive and is also demonstrative of the Cayman Islands continued efforts and commitment to the standards for the exchange of information on request.