Cayman Finance, the jurisdiction’s financial services representative body, has welcomed the recent independent assessment by the Global Forum on Transparency and Exchange of Information for Tax Purposes, which confirms that the standards for transparency and tax information have been properly implemented in the Cayman Islands.

The independent assessment found that Cayman Finance was implementing the necessary standards required by the Tax Information Authority, which found the exchange process to be “very well organised,” with many internal processes in place for handling exchange of information requests.

“Cayman Finance is very pleased to note these results. It is not surprising because the jurisdiction has always committed itself fully to complying with all reasonable global standards,” said Gonzalo Jalles, chief executive of Cayman Finance.

In light of the recent headlines about tax evasion through offshore jurisdictions, earlier this month the OECD issued a statement to say that it had expanded its report, by focusing on recent findings of the Global Forum on Tax Transparency and Exchange of Information. The report was presented to G20 finance ministers and Central Bank governors last week in Washington DC.

Cayman Finance appointed Jalles, the former chief executive of HSBC Cayman, as its CEO earlier this month.