Financial centres slam Paradise Papers backlash
By Kirsten Hastings, 7 Nov 17
The UK’s crown dependencies and overseas territories have hit back at international media scrutiny and allegations that they facilitate tax avoidance and evasion following the leak of the Paradise Papers.
The chief executive of Cayman Finance, Jude Scott, has hit back at the “unfair and inaccurate reporting” of its role in the global financial marketplace.
Scott, however, took particular exception to the “unfair attacks against our Queen, Elizabeth II, who maintains normal and legal investments in Cayman”.
The Paradise Papers revealed that £10m of the Queen’s private estate is invested in a Cayman Islands fund.
“From investors like Her Majesty to pensioners and university students, a very wide range of people benefit from investments in Cayman. Individuals as well as institutions such as government and state pension plans, regular pension funds and university endowments invest together in Cayman funds to access investment opportunities from around the world in a neutral location,” Scott said.
He reiterated: “Cayman is a transparent, tax neutral jurisdiction and not a tax haven.”