Cayman Finance supports Enhancements to Cayman’s Beneficial Ownership System

Cayman Finance said it supported the Cayman Islands Government in its announcement made on April 11, when the signing of an agreement by the Cayman Islands and the United Kingdom on the enhancements to its existing beneficial ownership system was announced.

This was revealed at a media conference in Grand Cayman by the Cayman Islands Premier Hon. Alden McLaughlin and Chief Officer, Dr Dax Basdeo.

Mr Jude Scott, Cayman Finance CEO said Cayman Finance appreciated working in collaboration with the Cayman Islands Government to bring a high level of expertise to negotiations with the UK. He expressed his pleasure that the UK Government has recognised that Cayman licensed corporate services provider verified beneficial ownership system is a world class system that provides for due diligence know-your-customer checks which are vitally important to proper law enforcement authorities and is superior to other proposed systems. He added: “Whilst there are already agreements in place that allow UK law enforcement agencies to request and obtain beneficial ownership information for the Cayman Islands, we have agreed to an enhancement to that system which will help the UK law enforcement agencies access that information with the utmost urgency, but in a way that is also appropriate for our jurisdiction. This is not a public central register.”
Mr Scott said that beneficial ownership information details will remain with the corporate service providers managing them and information will be accessed via a central technical platform. The enhancements are in line with global standards and the position of the UK.

He said that for over 40 years the Cayman Islands had played a leading role in the fight against illegal activities and tax evasion. “Industry and government have worked side-by-side to implement a legal infrastructure that promotes effective transparency and cross border cooperation with law enforcement that meets, and in some cases exceeds, international regulatory standards and comparable regimes in G20 countries,” he commented.

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