The Cayman Islands have announced that they will sign a Model 1 IGA with the US in order to facilitate FATCA compliance, and also that they intend to put an equivalent arrangement in place with the UK for automatic exchange of information.
In quick succession, the UK government have therefore ensured that 4 of the key Crown Dependencies and Overseas Territories with significant financial services businesses (Jersey, Guernsey, the Isle of Man and Cayman) have all committed to automatic information exchange. Those territories will now be waiting to see how quickly the UK government presses rival financial centres to do likewise, to achieve a level playing field and avoid a flight of business to less regulated jurisdictions.
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