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Cayman signs 32nd TIEA agreement

A postcard air view of George Town, Cayman Islands

Caribbean Journal is reporting that The Cayman Islands has signed a tax information exchange agreement with the Republic of Malta.

It stated that the two sides completed the TIEA this week ahead of the Joint Ministerial Conference meeting of British Overseas Territories in London.

Cayman Financial Services Minister Wayne Panton and Malta’s Finance Minister, Professor Edward Scicluna, signed the agreement.

“As both Cayman and Malta are Global Forum members we recognise that the exchange of information between countries — or in the case of multilateral agreements, among countries — is a vital cog in the application of globally accepted standards,” Panton said.

“These agreements are implemented by competent authorities who understand the legal nuances and importance of cooperating in the fight against illegal activity such as tax evasion and money laundering,” Panton said. “Without them, criminals would continue to drain public coffers, and deprive both developed and developing countries of economic opportunities.”

Cayman now has TIEA agreements with 32 countries.