IQ-EQ is pleased to report that, on Tuesday 6 October, the Cayman Islands was removed from the EU’s list of non-cooperative jurisdictions for tax purposes.
This welcome result is thanks to the comprehensive legislative changes made by the Cayman government earlier this year to strengthen its anti-money laundering and funds regulatory frameworks.
Initially, the Cayman Islands was placed on the EU’s list of non-cooperative jurisdictions for tax purposes in February 2020. It was unfortunate timing, as Cayman’s legislative changes (relating to the regulation and oversight of collective investment fund vehicles) came into force just a few days too late to be considered at the EU’s Code of Conduct Group meeting on 4 February.
Following a meeting of the Economic and Financial Affairs Council (ECOFIN) on Tuesday 6 October 2020 – the first review since February – the jurisdiction has officially been removed from the EU’s blacklist.
The Cayman Islands remains one of the world’s leading international financial centres, committed to industry best practice.
At IQ-EQ, our Cayman business continues from strength to strength; we’ve recently moved into a brand new office space and are busy building our local team to better meet client demands and further facilitate the expansion of IQ-EQ’s presence and service offering in the Americas.