Support efforts to resist ownership registry

The Cayman Islands government should be supported by everyone in its efforts to address the U.K.’s recent action to progress a bill pushing us to implement a public beneficial ownership registry by 2020.

Our local authorities have consistently demonstrated that the jurisdiction is cooperative and fully supports a system that provides beneficial ownership information to all the relevant authorities, differing only on the matter of whether this registry should be made public.

We should all support that position. If the information is to be made available to all the relevant agencies then it is an unnecessary intrusion of the legitimate right to privacy to insist it is made available to the general public.

It is encouraging to see that this issue has also brought to surface a broad consensus across political lines locally within government as well as within industry, and very likely also on a personal level in our community.

In the end, the Cayman Islands has always been able to effectively meet any newly revised/imposed standards on regulation or cross-border cooperation, while maintaining the success of its financial services industry. Striking that near-perfect balance between regulatory and commercial interests has been one of the unique features of the Cayman Islands as a financial services jurisdiction, and it is expected that in this situation we will also do the same, if necessary.

The Minister of Financial Services Ms. Tara Rivers, and the Premier Mr. Alden Mclaughlin should both be commended for their content as well as tone in their immediate responses to the U.K.’s actions.

The Chamber will continue on our mission to support, promote and protect business and community success. Whether this concerns supermarkets, construction companies or banking and investment funds services, our commitment to commerce in this country remains the same. Going forward we will continue to provide our full support to the Government on this issue to ensure that the Cayman Islands remains one of the world’s leading international financial centres.

Cayman Islands Chamber of Commerce

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