Upcoming Trinidad and Tobago summit casts doubt over crackdown.
UK Prime Minister Gordon Brown is soon to face increased scrutiny over his stance on offshore tax centres in the lead up to a meeting of Commonwealth leaders later this year.
Several Commonwealth jurisdictions are also in the scope of being labelled tax havens, in addition to collecting revenue for the UK from financial services industries, according to telegraph.co.uk
Anthony Travers, chairman of the Cayman Islands Financial Services Association and the Cayman Islands' Stock Exchange, reaffirms the offshore centre as being transparent and in line with OECD guidelines.
He condemned recent criticisms made by Brown and US President Barack Obama, and said tax policy measures adopted, including the UKs new 50% income tax rate, will compel businesses and individual taxpayers to seek more competitive tax regimes elsewhere.