Cayman islands to disclose hidden companies and directors

[Jan Klimkowski]

there's a loophole that G.E., Conoco-Phillips and Halliburton have exploited: The law does not apply to any foreign or offshore subsidiary so long as it is run by non-Americans.
"These three companies, as far as we were concerned, appear to have violated the spirit of the law," says Thompson. "In the case of Halliburton, as an example, they have an offshore subsidiary in the Cayman Islands. That subsidiary is doing business with Iran."
That subsidiary, Halliburton Products and Services, Ltd., is wholly owned by the U.S.-based Halliburton and is registered in a building in the capital of the Cayman Islands a building owned by the local Calidonian Bank. Halliburton and other companies set up in this Caribbean Island, because of tax and secrecy laws that are corporate friendly.
Google has used the Cayman Islands and other offshore tax havens to manipulate the tax code. In 2010 they paid 2.4% on $60 billion in revenues.

The cynic in me fears that if the Caymanese decide to disclose, the likes of GE and Halliburton will just bribe another bunch of "foreigners" to do the dirty laundry....