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| August 20, 1997 |
World Briefs
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The government denied reports
it's under pressure from Britain to open hundreds of offshore banks
to tax inquiries from foreign governments. A report in the
newsletter Offshore Alert said
Britain had advised lawmakers in its Caribbean colony to enact
legislation allowing Group of 7 governments to investigate whether
their nationals were evading taxes by stashing funds in Cayman
banks. But government spokeswoman Pat Ebanks said outside
investigations ""would completely undermine our industry.'' Britain
also denied the report. The Cayman Islands has one of the world's
largest offshore banking sectors, with about 570 registered banks
and 30,000 registered companies, Ms. Ebanks said. The banks lure
investors by offering Swiss-style secrecy along with the islands'
zero income tax policy. But they have drawn fire from anti-narcotics
agents who claim they facilitate drug-related money laundering. |
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