For those that condemn all offshore jurisdictions, the Caymans are quick to point them to the 1990 Mutual Legal Assistance Treaty with the United States as their proof they are not as secret as some may profess. Of course, if you are involved in illegal activities such as embezzling, drug smuggling, laundering of drug profits, insider trading of securities, or racketeering, the law in the Cayman Islands does not protect you.

The Law in the Cayman Islands is an agreement for sharing information with some nations which one is the US, relating to such activities as security offenses or tax evasion. However, if an offense does invoke the Treaty it will still take an order from a Cayman court to reveal any of your confidential information such as bank records. The treaty will not assist any creditors unless they can prove that the person in question is involved in a serious crime. It also stops creditors from receiving any of your record just by alleging that a person is involved in a tax related violation of the United States law. For anyone not involved in illegal activities the confidentiality and secrecy of the Cayman Islands is as good if not better than other offshore jurisdictions.

The treaty does in fact make the Cayman Islands a more respectable jurisdiction in which to conduct businesses that are legitimate in nature.