Thanks for a very fine [editorial] titled “Betrayal!” (May 4), regarding the U.K. law on Cayman company ownership disclosure. What is so absurd about this new law is that true criminals, money-launderers, etc., will only find another banking venue, such as Ukraine, Cyprus or virtually any African dictatorship to move their operations to, and what will remain in Cayman is that legitimate, honest company owners who comply with every aspect of company ownership will be publicly compromised just as if their private accounts at Google, Facebook, insurance company, etc., had been hacked.
Likely all the private information the company formation applicant put on the original application form will be made public, and for sure sold or otherwise made available to the Russian GRU, which right now maintains extensive databases on individuals all over the world.
Thanks to this effort by the U.K. Parliament, the computer hackers at the GRU have been saved countless boring hours of attempted hacking and the Kremlin millions of dollars in expense in data capture, handed to them by feckless backbenchers in Whitehall.
Does anyone really think that the true criminals are not smart enough to find another venue to base their money laundering efforts in, just because honest people will now effectively hacked when they fill out any legal or financial form in Cayman?
Thanks for the good work you do.