Above: Georgetown (CJ Photo)

By the Caribbean Journal staff

The Cayman Islands has signed a tax information exchange agreement with Brazil, its 31st such international agreement.

The treaty, which was signed on Tuesday, seeks to build on business relationships already in place, according to a government statement.

“It sends another strong signal to the global community that the Cayman Islands is serious about building solid partnerships, and adhering to the international standards set by OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes,” said Rolston Anglin, Cayman’s Minister for Financial Services.

The agreement follows a memorandum of understanding between the Cayman Islands Monetary Authority and Brazil’s Central Bank in 2006, and another MoU with Brazil’s securities and exchange commission in 2009.

Anglin said the deal would help pave the way for cooperative efforts with Brazil, with the potential to increase economic activity with the region’s largest economy.