This is the topic that is central to a new independent motion picture which will debut at the Toronto Film Festival. A synopsis of the film is this: Two shady US businessmen flee to the Cayman Islands to avoid federal prosecution. Their escape ignites a chain reaction leading a British native into commiting a crime that changes the nation. (The film's director who gave this synopis conveniently ignored the fact that the Caymans will extradite in criminal cases.)

Although I haven't seen this movie, I can guess that this notorious Caribbean tax haven will be smeared with the same black brush used in the movie "The Firm". Indeed, the Cayman Islands is now a cliché for Hollywood and TV dramas whenever sinister offshore financial themes need distorted and simplistic portrayals with cash filled briefcases.

My major interest in this film is to set the record straight. I don't necessarily recommend the Cayman Islands for asset protection or legal entities such as trusts or corporations -- but that's not because of
rampant financial crime. That's mostly B-movie fiction.

My main concern is this British colony is under tight control of the U.K. Labour Party and its London Foreign Office. In recent years the CI government has followed orders from London to weaken formerly strict financial privacy and end tax beneficial investments for foreigners from EU nations. Even Locals have been spied upon by the British.

The truth is, billions in laundered cash sloshes around every day; not only in the Cayman Islands, but in New York, London, Paris and other major world financial capitals. Every investigation has
shown that anti-money laundering rules and enforcement are much better in offshore tax havens than in the G-7 nations that
constantly criticize tax havens such as the Cayman Islands.

Then again, Hollywood is notorious for exploiting defenseless scapegoats. Only
randomly do they get it right about where most financial crimes do occur -- such as Michael Douglas in "Wall Street" (1987). That plot was set where greed is king, but not in the Cayman Islands. Try Enron in Houston. Or Conrad Black in Canada. Or the US Savings & Loans. Now we're talking real billions and real crime!

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