Grand Cayman, 28 November 2022 – The Cayman Islands continue to make significant contributions to international tax cooperation efforts, as evidenced by its ongoing involvement in several bodies of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.
The Cayman Islands was appointed to the Global Forum's Steering Group for the period of 1 January 2023 to 31 December 2025 - having previously served from 2009 to 2016. The Steering Group is the 20-member body that governs the work of the Global Forum.
In addition, Cayman was reappointed as Vice Chair of the Peer Review Group (PRG) for the aforementioned period. The PRG conducts the peer review and monitoring processes of the standard regarding the exchange of tax information upon request. Cayman also was reappointed to the Automatic Peer Review Group - which conducts peer reviews in relation to the Automatic Exchange of Information (AEOI) standard.
These appointments were announced at the OECD Global Forum Plenary in Seville, Spain earlier this month.
"For over 20 years, the Cayman Islands have been part of the global conversation around international tax cooperation and these reappointments speak to the significant level of respect we have with the Global Forum and our international peers," Minister of Financial Services and Commerce, the Hon. André Ebanks said.
Aside from the reappointments, the plenary also saw the Cayman Islands named as one of 65 jurisdictions which achieved the highest rating of 'on track' in the first round of the Global Forum's AEOI peer reviews. Cayman's assessment pointed to the necessary legal framework being in place and the effectiveness of its implementation.
"This positive assessment is evidence that Cayman's regime is technically sound and effective in practice," Minister Ebanks said. "I thank our financial services industry for their ongoing cooperation with Cayman's international tax obligations and together we can ensure the jurisdiction is well prepared for the next round of review, which launches in 2023," he said.
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