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Cayman's financial service industry has been thoroughly reviewed by various international bodies over the last few years. Indeed the US government has recently written a report about both Ugland House and Cayman: at the request of Congress its auditing agency, the United States Government Accountability Office ("GAO"), visited Cayman and spent time at Ugland House, where Maples and Calder had the opportunity to explain to them directly the nature of its business and the role of a registered office provider under Cayman law.
The GAO's report, dated July 2008, gave both Ugland House and Cayman a clean bill of health. It acknowledged that Cayman has a stable and internationally compliant legal and regulatory systems and that the Cayman government cooperates fully with US tax enforcement and other regulatory investigations. The Cayman Islands is a signatory to the MCAA in Tax Matters and has implemented FATCA and the CRS, which provide for the automatic exchange of financial information to the US and CRS Participating Jurisdictions (which currently number more than 90, and include all EU countries). This is further described above. In addition, the Cayman Islands has signed a total of 39 bilateral TIEAs.
The countries with which Cayman has signed bilateral TIEAs are:
In 2005, the Cayman Islands implemented the Reporting of Savings Income Information (European Union) Law (2014 Revision) and regulations made under such law (the "Cayman EUSD Legislation"), whereby Cayman Islands banks must report information on bank accounts held by EU residents to the authorities. The Cayman EUSD Legislation is similar to the EU Savings Directive. Notwithstanding the repeal of the EU Savings Directive, the Cayman EUSD Legislation remains in force, however it is expected that it will also be repealed following the introduction of the CRS, which is discussed above. Below is additional information on the Cayman Islands banking and financial markets, regulations to promote information disclosure and transparency and policies to prevent money laundering and other illicit uses of the financial infrastructure. Regulation
Banking
Investment Funds
Cayman Islands Hedge Funds and Private Equity Funds Ugland House is the registered office for many of the world's best hedge funds and private equity funds. There are many good, valid and legitimate reasons why the Cayman Islands is the domicile for the world's leading hedge funds and private equity funds:
This offshore alternative investment funds are:
Anti-Money Laundering ("AML") and Combating of Terrorist Financing ("CFT")
Transparency and Disclosure of Information
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