In discussing how the Cayman Islands have unilaterally extended tax information exchange with 20 countries, the former head of the Cayman Islands Monetary Authority (CIMA), Tim Ridley, notes that transparency and good governance are just as important as TIEAs:
“The Freedom of Information Law is a good marketing tool for Cayman as it shows we are serious about transparency in government and statutory authorities. Likewise the Complaints Commissioner does a good job shining light [and] the Anti-Corruption Commission, when it finally gets constituted and operational, will be a third leg in the fight. It is taking awhile to get people both in government and the private sector to recognise that the traditional knee-jerk culture of secrecy that is trotted out as a defence to disclosure and accountability, regardless of the circumstances, has got to change. But the key is to balance this with protecting the legitimate right to privacy.”
Bermuda needs to understand this.
No Comments so far ↓
Sorry, we are not accepting Plantation Comments.