The Cayman Islands Financial Services Association (CIFSA) has prepared a special report to “disseminate correct information” on the local financial services industry in response to the UK Parliament’s Treasury Committees 30 April inquiry into the role of offshore centres.
CIFSA explained that, given the potential importance of the inquiry by the UK Treasury Committee, it took the opportunity to participate when it became aware of the invitation to the public for written evidence.
“Inaccurate information is one of the issues we have successfully addressed and this unique opportunity to participate at the data collection stage of such an initiative was one that we felt should be taken,” says Bryan Hunter, one of the CIFSA directors with responsibility for arranging CIFSAs response.
Some of the areas covered by CIFSAs response included: information on the anti-terrorism regulatory framework of offshore centres, the level of cooperation on taxation matters, and the level of adherence to global regulatory standards.
On 30 April, the Treasury Committee of the House of Commons announced an inquiry on the role of Offshore Financial Centres in global financial markets. When a Committee conducts an inquiry, they often request written evidence from interested parties. The Committee sought written submissions for its offshore centres inquiry by 19 June.
Accoriding to its website, the parliamentary committee sought the following information in its inquiry:
To what extent, and why, are Offshore Financial Centres important to worldwide financial markets?
To what extent does the use of Offshore Financial Centres threaten financial stability?
How transparent are Offshore Financial Centres and the transactions that pass through them to the United Kingdoms tax authorities and financial regulators?
To what extent does the growth in complex financial instruments rely on Offshore Financial Centres?
How important have the levels of transparency and taxation in Offshore Financial Centres been in explaining their current position in worldwide financial markets?
How do the taxation policies of Offshore Financial Centres impact on UK tax revenue and policy?
Are British Overseas Territories and Crown Dependencies well-regarded as Offshore Financial Centres, both in comparison to their peers and international standards?
To what extent have Offshore Financial Centres ensured that they cannot be used in terrorist financing?
What are the implications for the policies of HM Treasury arising from Offshore Financial Centres?
What has been and is the extent and effect of double taxation treaty abuse within Offshore Financial Centres?
To what extent do Offshore Financial Centres investigate businesses and individuals that appear to be evading UK taxation?