Call that information exchange?

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It's possible that you have not read the detail of the Cayman Island's budget for 2008-09. But if you had you'd learn quite a lot from page 694 (they don't do budgets by halves in Cayman). It says that Cayman's Financial Intelligence Services that they will undertake the following activities:

Let's get this right:

1) 200 to 250 suspicious activity reports will be submitted;

2) About 40 applications for overseas assistance will be received;

3) And about another 80 will be received from other authorities.

There are two obvious responses:

1) If that's all the reports that are made by the local financial community someone somewhere is turning a massive blind eye to an enormous amount of tax evasion, let alone money laundering and fraud.

2) If 120 or so requests for data in a year is considered 'effective information exchange then I'm French. Note also that the fact that these will be received does not mean that information will be supplied - the performance requirement is only that a response is sent - not that data is sent with it.

Now we have a real insight into what these places mean when they talk about offering full cooperation to other authorities - it's a joke.

PS Please don't blame the other authorities for not asking: Cayman has made sure it is incredibly difficult for them to do so by basically requiring them to have all the evidence they are requesting before they can ask for confirmation that it is correct - again, a deliberate obstacle to anything approaching real information exchange. .