Grey list goalposts shift

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Cayman Islands - Cay Compass News Online - Grey list goalposts shift.

Cayman thinks 'international standards' on information exchange are just a numbers game. I feared that, but it is clear now that this is not the intent of Gordon Brown, otther workld leaders or the OECD.

Despite this it's reported that:

Jack Quinn, co–founder and chairman of Quinn Gillespie and Associates, who spoke to industry players and [Cayman] government officials at Tuesday night’s dinner, said that while his chief aim was to get Cayman’s message across on Capitol Hill, he also wanted to help “make sure this OECD drama ends right now”.

“I get nervous sometimes that OECD people might move the goalposts on us, and there are hints of that already as we hear talk of the OECD wanting not merely a dozen bilateral treaties, but a record of compliance and executable commitments made in those treaties,” he said.

“One can’t help but get the feeling that the closer we get to the carrot, the further they might pull it away,” Mr. Quinn added.

Speaking at the signing the agreement with the Netherlands, Mr. Bush said: “The Cayman Islands have repeatedly reassured the rest of the world that we provide no safe harbour to those who are involved in any unlawful activities be it tax evasion, money laundering or any form of trans–national criminal activity.

“We pride ourselves as a major international financial service centre that guarantees high standards of services underpinned by internationally recognised and accepted levels of regulation.”

But let's be clear Mr Quinn:

a) your word is not good enough

b) proof is needed - and right now it is not available

c) if you think agreements with Ireland, the US, UK, Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden are enough then you are clearly lacking in any understanding of what financial transparency is.

Perhaps you should read this.