Letter to The Guardian 23 September 2012

The Guardian
Sunday 23 September 2012

Dear Sir,

Your article perpetuates a heresy that obfuscates any true understanding of the relevant issues. If by it you meant to say that to boost domestic UK productivity, tax rates should be lowered with an emphasis on indirect taxation, that is to say the Cayman Islands model, you are correct. But the criticism of the Cayman Islands based on "opaque practices", given Cayman's International Organisation of Securities Commissions membership and of "secrecy", given the extensive all-crimes, anti-money laundering and tax information treaties, is outdated and inaccurate.

The question that should be asked is why, in the light of these treaties over the last 20 years, has the Cayman financial services industry prospered?

Anthony Travers
Chairman, Cayman Islands Stock Exchange