TRANSPARENCY


The Cayman Islands has recently been accused of lacking transparency. Cayman


Funds asks whether these accusations are fair.


The financial crisis has led to several countries facing years of reduced


public spending and austerity, leading governments, media outlets and focus groups to seek a scapegoat for their current misfortune.


As a result, the spotlight has fallen on offshore jurisdictions, such as


the Cayman Islands, which are portrayed as opaque, secretive places that allow shadowy figures to amass large amounts of cash, well away from the prying eyes of the tax man. For example, in October 2011, a group called the Tax Justice Network (TJN) released what it called a ‘secrecy index’, which criticised Cayman about levels of transparency in the jurisdiction.


CAYMAN FUNDS | 2012


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