It is now an offence for knowingly or wilfully supplying false or misleading information to the Cayman Islands Tax Information Authority (TIA). A fine of US$12,200 and/or imprisonment for 5 years may be imposed on any person who commits such offence.

A number of key filings are made through the TIA, such as CRS and FATCA reports and other international exchange of information filings, and persons should be mindful of this new offence when completing these filings.

Please see our client alert for more details.