The ex-chairman of the Cayman Islands Monetary Authority Tim Ridley has spoken out following the publication of the Tax Justice Network's (TJN) Secrecy Index, which castigated the Caribbean island for its opacity and "shallow efforts" in cracking down on fiscal evasion.
“The recent, highly subjective and somewhat 'short on substance' secrecy report by the Tax Justice Network underscores how essential it is that Cayman presents the accurate position whenever and wherever possible and to those that matter,” he said", he said to the Cayman News Service.
“Those who would bury places like Cayman are in deadly earnest,” Ridley said. “So the very future of the financial services industry in Cayman is at stake".
Mr Ridley called on his government to up its game and be "reactive rather proactive" in the promotion of the island's financial services industry.