Find out about the largest money cache in the world


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The Cayman Islands, a British overseas territory, is doing its utmost to help the world’s richest people hide and launder money, according to a classification published on Tuesday by a group demanding reform.

According to “Reuters”, the study conducted by the tax justice network tests the extent to which legal and financial systems in countries allow to hide wealth, by tracking anti-money laundering laws, controls and the size of financial activity in any country, for example.

Alex Cobham, chief executive of the tax justice network, said that the “axis of Anglo-American secrecy” exacerbated corruption and tax evasion.

The study authors said the Cayman Islands were part of what it described as a British “web”, in which London influenced laws and the appointment of officials.

A document showed today, Tuesday, that European Union finance ministers included the blacklist of tax evasion havens alongside Panama, the Seychelles Islands and the island of Palau.

The Cayman Islands, close to Cuba, which the study put at the top of the list as the most prominent financial secrecy center, host more than 100,000 companies, a number that exceeds its population.

Her government said the study ignored the fact that it had met international standards, adding that it was not working “in secret” but rather cooperating with authorities around the world.


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