Novara Media Death in Westminster: 2. The Island
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Mar 10, 2026 Nick Shaxson, investigative author on tax havens, and Anthony Travers, former Cayman Islands lawmaker and offshore industry figure. They trace how offshore finance links to London property, explain Cayman legal structures and secrecy, debate the public harms versus defenses of secrecy, and follow the trail from Westminster to the Caymans.
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Why Tiny Cayman Became A Global Finance Hub
- The Cayman Islands became a leading offshore financial centre by offering low taxes and legal structures that attract global capital.
- Although tiny in population, Cayman was once estimated among the world's largest financial centres due to these services and law-firm influence.
Law Firms Writing Government Bills
- Local officials often took law bundles written by offshore lawyers and passed them with little alteration.
- Roy Bodden recalled that foreign law firms wielded massive clout and preferred to remain faceless in Cayman governance.
Leaks Revealed Offshore Secrecy Mechanisms
- Offshore secrecy only became widely visible after leaks like the Panama Papers exposed hidden assets and structures.
- These leaks showed how offshore systems enable asset concealment from public authorities and scrutiny.