Caymans says it is well regulated
We would note two things here. First, the Caymans Attorney General said that
"[It shows] this jurisdiction will be hostile to those who wish to use it…for money laundering and terrorist financing."
This is the same old story. Focus exclusively on the smaller-scale issues - money laundering and terrorist financing - and you get to leave the big money - tax evasion (and avoidance) -- alone. Second, the number 358 seems impressive - until you read Tax Research UK, which notes:
"Cayman is the fifth biggest financial centre in the world, and one where secrecy is paramount – with massive legal penalties to enforce it. London is a bigger financial centre, admittedly. And secrcy is still important. But there’s some indication of a difference in culture: Cayman had 358 SARs. We had 228,834 in the year to September 2009."As the title of that blog rightly advises: don't make us laugh.