Bankers lobby Washington.(CAYMAN ISLANDS)

0 Comments | Caribbean Update, July, 2009

A group from the Cayman Islands lobbied Washington to redefine the image of its banks and other financial institutions after President Barack Obama singled out the British territory as a tax haven, reports Reuters (May 23, 2009):

Tony Travers, head of the Cayman Islands Financial Services Assoc. (CIFSA), argues that the islands are getting a bad rap, and met with lawmakers, staff of members of the Senate Financial Committee and policy experts. But tax experts said that while Cayman is not the world's worst offender as tax havens go, it has a lot to address. A congressional report said that each year the US loses about US$100 billion to tax havens. "The reality of the situation is we have a full transparency treaty with the US," Travers said, adding that his...