On 10 December 2018, the Cayman Islands Government announced the publication of three bills to further strengthen compliance with international standards in relation to harmful tax practices. The bills are built upon the OECD’s Forum on Harmful Tax Practices (FHTP) and were drafted following consultations with the local financial services industry, Cayman regulators, the OECD, and the European Union. Two of the bills, the Companies (Amendment) (No. 2) Bill 2018 and the Local Companies (Control) (Amendment) Bill 2018, include amendments that would allow exempt companies to do business locally, although these companies would be required to follow the same rules...