The Cayman Islands has signed a tax information exchange agreement with the Republic of Malta for a full exchange of information between the two jurisdictions on tax matters.
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The agreement has been signed in London by Cayman’s Minister of Financial Services, Wayne Panton and Malta’s Minister for Finance, Professor Edward Scicluna.
The TIEA will support global standards on tax transparency and will also comply with public policy considerations and provisions related to protecting legal privilege.
The agreement will come into effect when both the parties will notify in writing for the completion of their required internal procedures for entry into force.
Additionally, the agreement will include all standard means to make sure that due process was followed in tax information requests to both Malta and the Cayman Islands respectively.
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By GlobalDataHowever, the TIEA will also focus on provisions to protect confidentiality of information.
With this latest deal, Cayman now has TIEA agreements with 32 countries.
Panton said: "As both Cayman and Malta are Global Forum members we recognize 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.
"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. Without them, criminals would continue to drain public coffers, and deprive both developed and developing countries of economic opportunities," he added.
Minister Scicluna said: "This Agreement demonstrated good practice in the global financial sector whilst Minister Panton remarked that this level of cooperation signifies the goodwill that exists between Malta and the Cayman Islands."
