John Moscow, a US attorney with Baker Hostetler made an interesting point in the debate here in Florida this morning.

If all the offshore bank accounts reported by all US citizens on their tax returns were in Cayman that would still mean that only 2% of all bank accounts held by US citizens in the Cayman Islands were being declared for tax in the USA.

That means that every bank in Cayman that maintains an account for a US citizen must know there is a at least a 98% chance it is being used for tax evasion. And yet they don't file suspicious transaction reports.

Interestingly, in the previous session, Tim Ridley, chair of the Cayman Islands Monetary Authority, responsible for money laundering on the island had said in his opinion there was no moral issue in taxation.

The evidence suggests that is right Mr Ridley, at least when it comes to Cayman.