The EU will add British territory Cayman to a blacklist of non-cooperative jurisdictions on Tuesday, firing a shot across the City of London’s bow while leaving other major enablers of financial secrecy off the list. The EU’s updated list will address countries responsible for supplying just 7.4 per cent of the world’s financial secrecy, as measured by the Tax Justice Network’s Financial Secrecy Index 2020. Cayman, which is expected to rank among the biggest suppliers of financial secrecy when the Financial Secrecy Index is published this evening, alone supplies nearly 5 per cent of the world’s financial secrecy.

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