The Cayman Islands and Mata have signed a tax information exchange agreement.

The agreement was signed by Cayman Financial Services Minister Wayne Panton and  Finance Minister, Professor Edward Scicluna.

“As both Cayman and Malta are Global Forum members we recognize that the exchange of information between countries — or in the case of multilateral agreements, among countries — is a vital cog in the application of globally accepted standards,” Panton was quoted as saying by the Caribbean Journal.

“These agreements are implemented by competent authorities who understand the legal nuances and importance of cooperating in the fight against illegal activity such as tax evasion and money laundering,” Panton said. “Without them, criminals would continue to drain public coffers, and deprive both developed and developing countries of economic opportunities.”