Cayman Islands

'There is no other reason to be in the Cayman Islands'

Today Programme

BBC Radio 4

Cayman Islands
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The UK has become more financially secretive, according to campaigners against tax dodging.

The latest Financial Secrecy Index says the UK has been named as the 12th most secretive financial jurisdiction. Last year, it was 23rd.

In particular, the Cayman Islands has been named as the place that does most to help the rich hide their money from the tax man.

"You need to recognise the Cayman Islands are three islands in the middle of nowhere. They have for 50 years made a living by selling secrecy to foreigners," says Oliver Bullough, author of the book "Moneyland", which investigates financial crime.

"There is no other reason to be there. It's a very nice place but it's also a long distance from anywhere, and before financial services came along its major industry was turtling."

Solicitors struck off for borrowing £30m to run business

Four Lancashire solicitors have been struck off for the "improper" use of funds totalling £30m to run their business, a tribunal found.

Generic solicitor
BBC

Richard Emmett, Louise Emmett, Matthew Stokes and Mary Hunter all worked for Emmetts Solicitors in Preston.

They engaged in "reckless borrowing" from an overseas fund, set up to pay for no win, no fee cases, which was later subject to a criminal inquiry.

The Solicitors' Disciplinary Tribunal said they breached the industry's code.