In response to a report entitled “2011 Financial Secrecy Index” recently released by the London-based Tax Justice Network, Richard Coles, chairman of Cayman Finance said, “It beggars belief that the Tax Justice Network still produces these ridiculous statements about the Cayman Islands.”
The study of 72 countries by the Tax Justice Network listed the Cayman Islands as the second-most secretive jurisdiction after Switzerland and in a separate report released on Tuesday accused the Caribbean territory of playing a “key role” in the 2008 global financial crisis.
Jack Irvine, who advises Cayman Finance in London, agreed, “This is the same tired old song the Tax Justice Network have been turning out for years.
