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The Cayman Islands leader of government business has defended his jurisdictions transactions against accusations from US senators.
Kurt Tibbets countered claims that the Cayman Islands facilitates international tax evasion.
He was responding to US senator action fronted by senator Max Baucus, who recently said that "one of the most likely places shady tax transactions could be sheltered" was the Ugland House building in the Cayman Islands.
As reported by Tax-news.com, Mr Tibbets insisted that the jurisdiction had "absolutely nothing to hide".
He continued: "When it comes to trade, without the existence of jurisdictions such as ours, in many instances these corporations would not be able to compete worldwide successfully."
He also suggested that the senators attack was "political manoeuvring", pointing out that US politicians appeared to use such campaigns to gather votes.
Mr Tibbets said representatives of the US government were welcome to visit the Cayman Islands to discuss the issue, but emphasised that "if they think they can just hop a flight and come down and do what they wish… it aint gonna happen. They have to go through the proper channels".
Rhiannon Williamson, director of expatriate and international lifestyle magazine Shelter Offshore, recently highlighted the numerous benefits that could be gained by small businesses from offshore banking and investing.
These include better interest returns, asset protection benefits and worldwide easy access to funds.
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