The Cayman Islands is a strong partner in combatting global financial crime. The jurisdiction has implemented the highest global standards for transparency and cross-border co-operation which are regularly reviewed and enhanced.
The Cayman Islands is a strong partner in combatting global financial crime. The jurisdiction has implemented the highest global standards for transparency and cross-border co-operation which are regularly reviewed and enhanced.
In 2017, the Cayman Islands passed legislation to establish a centralised platform for beneficial ownership information. The legislation requires companies, limited liability partnerships (“LLPs”) and limited liability companies (“LLCs”) to engage a corporate services provider to assist them establish and maintain a beneficial ownership register. Companies and other persons may be subject to fines and imprisonment for breaching the laws relating to establishing and maintaining beneficial ownership registers.
Only the competent authority is able to search the beneficial ownership registers for information. It is only able to search for such information upon receipt of a lawful request by the specified Cayman Islands or UK law enforcement authorities set out in law.
The UK Sanctions and Anti-Money Laundering Act (2018) requires the UK Government to draft an order by the end of 2020 requiring British Overseas Territories to create a publicly accessible beneficial ownership register. The UK Government has indicated that such an order, if implemented, would require the British Overseas Territories to introduce a public beneficial ownership register by the end of 2023. The Cayman Islands Government has been clear that it will not consider the introduction of a public register of beneficial ownership unless and until that becomes the accepted and implemented international standard.