The EU is going to black the Cayman Islands as a money laundering nation.
This will be a big problem for the folks working in the City of London, since a big part of their business is tax evasion and money laundering through former British colonies:
The Cayman Islands, a British overseas territory, is to be put on an EU blacklist of tax havens, less than two weeks after the UK’s withdrawal from the bloc.
The EU’s blacklist is an attempt to clamp down on the estimated £506bn lost to aggressive tax avoidance every year but member states are not “screened” in the process of drawing up the blacklist.
Territories linked to member states have also avoided the blacklist and the UK had heavily lobbied to protect its overseas territories from such scrutiny in the past.
On Wednesday, EU ambassadors judged that the islands in the western Caribbean Sea are not effectively cooperating with Brussels on financial transparency, the Financial Times reported.
The Cayman Islands will join Fiji, Oman, Samoa, Trinidad and Tobago, Vanuatu and the three US territories of American Samoa, Guam, and the US Virgin Islands, on the “non-cooperative” list.
For the love of the Flying Spaghetti Monster, think of the poor bankers, who will have to find productive work.
The horror ………