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 Limited Liabilities Company (Amendment) Law requires limited liability companies incorporated in the Islands to establish and maintain beneficial ownership registers which may be searched by a competent local authority. The Companies Management (Amendment) (No.2) Law 2017, ensures that local corporate service providers, under the supervision of the Cayman Islands Monetary Authority (CIMA), establish and maintain beneficial ownership registers on behalf of their clients. The commencement date for the legislation was 1st July 2017.
In May 2018, changes were made to the UK Sanctions and Anti-Money Laundering Bill requiring British Overseas territories to create a register of beneficial ownership that can be accessed by members of the general public by the end of 2020. If by 2020, the registers are not public, the UK Government will issue an order requiring them to be public by 2023, the year chosen by the then Prime Minister, David Cameron, for the worldwide sharing of beneficial ownership information.
The Cayman Islands Government’s position is that when public registers of beneficial owners is the global standard, the Cayman Islands will continue to operate a fully accessible register that complies with requests for information made by the UK authorities and foreign tax and law enforcement agencies. This sharing of beneficial owners information is being done pursuant to the numerous channels of information exchange, such as the Exchange of Notes (EoN) agreed and signed with the UK Government.
Cayman Finance, which promotes the Islands’ financial services industry, strongly endorses Cayman’s existing world-class verified beneficial ownership regime, which has been in place for more than 15 years.