Though offshore banking jurisdictions have recently been the subject of worldwide scrutiny for being illegal tax havens, compliance officers should be able to separate facts from fiction, according to Carlyle McLaughlin Jr., chairman of the board of directors for the Cayman Islands Monetary Authority. While the Islands still face issues of determining who the beneficial owners of accounts in other countries are, the idea that the jurisdiction is a haven for money launderers and the criminal elite is the stuff of Hollywood, he said, noting that critics often confuse secrecy with the privacy protection the country offers to legitimate businesses....