The Cayman Islands has appealed to Barack Obama to refrain from labelling the jurisdiction a centre used in the facilitating of tax evasion.
In an open letter to the US president, the Cayman Islands Financial Services Association rejected recent comments made by Obama which implied 'that the subsidiaries of US corporations operating in Cayman are engaging in tax fraud.' Signatory of the letter, Anthony Travers, chairman of the association, said 'nothing could be further from the truth', and while the jurisdiction has a low rate of tax, it operates legally and transparently.
The Cayman Islands is seeking greater co-operation between the US and jurisdiction in demonstrating its efforts to promote transparency and accountability.