“We have been screaming for more transparency for some time now”

The Cayman Islands open up: business quote of the day.

The Cayman Islands are to open companies to scrutiny. Photograph: Getty Images

“We have been screaming for more transparency for some time now,” Vincent Vandenbroucke, head of operational due diligence at Hermes BPK, told the Financial Times. “It’s no longer acceptable for [offshore] directors to act as rubber stamps.”

The Cayman Islands - the Carribean archipelago long associated with sneaky financial activity is about to make the names of thousands of companies it hosts public, in an effort to change its reputation.