The US on the trail of Cayman

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The UK may not be interested in tax havens, but the US certainly is. The Senate Finance Committee is holding a hearing on the Cayman Islands and Offshore Tax Issues on 24 July.

CCH has reported that:

Investigators from the Government Accountability Office (GAO) will report to the Senate Finance Committee on Thursday, July 24, on their investigation of a five story Cayman Islands building listed as the address of thousands of companies, and their evaluation of U.S. tax compliance implications.

Investigators are expected to detail how many American businesses have addresses in the Ugland House and how many American corporations have subsidiaries in the Islands. Testimony will also review information on the substantial presence of hedge funds in the Cayman Islands along with other financial industries, the amount of assets involved, how easy it is for U.S. citizens to establish a Cayman Islands company, and ways the IRS can uncover offshore tax evasion.

So why isn't the UK worried about this?