Prime Minister David Cameron’s recent comments in parliament highlighting his belief that British overseas territories do not deserve the ‘tax haven’ label has been gratefully received by the Insurance Managers Association of Cayman (IMAC).
After the G20 Summit in St. Petersberg, Cameron said: “I do not think it is fair any longer to refer to any of the overseas territories or crown dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems.”
In a recent statement IMAC described the declaration as a “welcome validation” of its efforts.
Rob Leadbetter, chairman of IMAC, added: “It is wonderful to see acknowledgement by the UK Government that the standards not only met, but set by the Cayman Islands are recognised as being robust and exemplary.”
“The Cayman Islands’ financial services industry, including captive insurance, has been built upon a philosophy of sound regulation and transparency and hearing this publically stated comes as a welcome validation of our efforts.”
