• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Taxation

Bermuda, Cayman hit back at 'systematic failure' claims over Paradise Papers leak

Bermuda, Cayman hit back at 'systematic failure' claims over Paradise Papers leak
  • Gary Robinson
  • 06 November 2017
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Bermuda’s premier and the head of the Cayman Islands Stock Exchange have hit out at allegations of “systematic failure” in the offshore reporting structure, claiming that both jurisdictions follow the rules of the OECD’s new Common Reporting Standard. 

Speaking on BBC’s Newsnight programme, Bermuda’s premier David Burt defended his country’s record, despite claims on BBC’s Panorama last night that it has failed to adhere international tax reporting system rules. The Panorama show cited evidence uncovered by the so-called Paradise Papers data leak.

Related articles

  • London offshore conference: ‘Paradise Papers’ seen as latest of myriad challenges
  • This time, major leak of confidential law firm documents is being called the ‘Paradise Papers’
  • Bermuda spy angle: Appleby latest law firm to suffer client data hack
  • BOTs express shock and anger over new ownership transparency regs

The main Paradise Papers unveiling, as reported, occurred on Sunday, with some 90 media organisations in 67 countries reporting stories based on a leak of documents stolen from the Bermuda outpost of the Appleby law firm. On 25 October, International Investment was among a handful of media outlets that carried the initial reports of the Appleby data leak.

In his defence of Bermuda, Burt said the British overseas territory has a “robust regulatory regime”, with the same tax system in place since 1898. The UK’s tax laws, he added, allow the use of offshore jurisdictions by UK residents and citizens.

The Cayman Islands Stock Exchange’s chairman, Anthony Travers, pictured left, also speaking on BBC’s Newsnight, aggressively backed Burt’s arguments, stating that offshore jurisdictions such as the Cayman Islands and Bermuda have been acting within the confines of the law.

In addition to being the CISE’s chairman, Travers, OBE, is also the former chairman of Cayman Finance. He said: “We advise very major corporations and what tax is paid on is the law.

‘Complete transparency’

“Offshore financial centres have complete transparency to the highest global standards. And [that is], incidentally, infinitely higher than exist in the United States.”

Sir Vince Cable, a British Liberal Democrat politician and a former UK business secretary, criticised the UK government for not clamping down on offshore tax havens trading under the British flag.

He said: “The Paradise Papers suggest that a small number of wealthy individuals have been able, entirely legally, to put their money beyond the reach of the Exchequer.”

Prison calls

Travers said that the Panama Papers was what he called “fake news” and “this new leak from Bermuda is [also] fake news, save for the extent that it is a criminal endeavour to hack people’s computers and the journalists should be in prison”.

“What have we actually had from the Panama Papers in terms of actual convictions in the United Kingdom in terms for anything at all regarding tax avoidance and tax avoidance.

“The answer is nothing. Certainly nothing statistically relevant. It was fake news,” he said.

International Investment recently published an extensive report on the Cayman Islands in its ezine launch edition 15 of International Investment. Click here to view or download.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Taxation
  • Rest of World
  • Appleby
  • Bermuda
  • Cayman Islands
  • Paradise Papers

More on Taxation

Comment: The pandemic has dramatically complicated issues of tax residency

  • Comment
  • 15 February 2021
Report proposes 5% UK wealth tax to offset pandemic costs

  • Taxation
  • 09 December 2020
Britons in France warned of steep capital gains tax rises when selling property

  • Taxation
  • 07 December 2020
HMRC payments to tax evasion whistleblowers up 63%

  • Taxation
  • 04 December 2020
OECD to issue international crypto tax evasion standards next year

  • Cryptocurrencies
  • 04 December 2020
Back to Top

Most read

HSBC Singapore CEO to leave for Saudi British Bank
HSBC Singapore CEO to leave for Saudi British Bank
J.P. Morgan Asset Management launches Global Income Sustainable Fund
J.P. Morgan Asset Management launches Global Income Sustainable Fund
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
Comment: Four key issues powering the renewable energy revolution
Comment: Four key issues powering the renewable energy revolution
Expat exodus in Gulf states could continue into 2023: S&P report
Expat exodus in Gulf states could continue into 2023: S&P report
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading