UK pressures offshore centers to report suspicious tax transactions

Anyone who still has doubts that UK Overseas Territories such as the Cayman Islands, the British Virgin Islands and the Turks & Caicos Islands will be forced to co-operate with foreign tax investigations should read a paper published by the UK Treasury in February. Titled 'Exchange of Information and the Draft Directive on Taxation of Savings', it makes it clear that UK Overseas Territories are being pressured not only to co-operate with requests for information on tax matters but to take the initiative and report suspicious tax-related transactions.