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BNP Paribas to exit Cayman Islands

bnp paribasBNP Paribas plans to close its remaining business in the Cayman Islands. According to news reports, the decision is in the light of the Panama Papers revelations about tax havens. The reports, quoting the Association for the Taxation of financial Transactions and Aid to Citizens, cited the minutes of a 3 May meeting of the finance committee of the French bank’s central works council. The United Nations named the Cayman Islands along with the British Virgin Islands as British tax havens that had received some $72 billion of company funds last year.

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