Cay: Cayman signs on to EU tax directive

Britain said on Tuesday it had tidied up loose ends with its overseas dependencies to leave the focus squarely on Switzerland to agree a new regime with the EU to clamp down on offshore tax fraud.

The Cayman Islands has now agreed to fall into line with the European Union's demands, a British diplomat said at a meeting of EU finance ministers.
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"The focus is now entirely on Switzerland," the diplomat said. "The EU's pretty determined about this. It's up to the Swiss."
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The new EU rules, aimed at closing down hideaways for savings out of reach of the taxman, were agreed last June. But they can only be implemented if an accord on similar rules is reached with third countries including Switzerland.