17/06/20

The Cayman Islands And The International Bodies: A Commentary On Inequality And Self Interest

The self-congratulatory announcements emanating from OECD headquarters in the 16th Arondissement as to its success in establishing “new global standards” based on its 1998 “Harmful Tax Competition” initiative lack critical review. Indeed, very little, if anything, is written about the actual outcomes. In fact, after some early success on tax information exchange, the so-called standards are uneven in application; they do not apply in the United States, China, Russia, South East Asia or Africa and are therefore not even remotely global. Where they do apply is in remote parts of the globe; the offshore financial centres, none of which had a voice at the table on their introduction.