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Improved Transparency Contradicts ‘Myth’ of Bank Secrecy in Cayman, Says Association President

A "quantum leap" in efforts to improve global financial transparency, including the passage of a U.S. anti-tax evasion law, has mitigated the compliance risks of offshore banking centers in recent years, says Martin Livingston, a partner at the Cayman Islands branch of law firm Maples and Calder. While jurisdictions like the Cayman Islands may still be widely seen as "bank secrecy jurisdictions," they have agreed to international data-sharing arrangements on anti-money laundering (AML) and tax-related investigations, said Livingston, who also serves as the president of the Cayman Islands Compliance Association. Livingston, who will speak next week at the ACAMSmoneylaundering.com 18th...

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