The UK Foreign and Commonwealth Office released a statement Saturday, indicating that the Cayman Islands has pulled out of an information sharing agreement with U.K. law enforcement. This is the statement in full:
“In April 2016, the UK and Cayman Islands signed the Exchange of Notes on Company Beneficial Ownership. An Exchange of Notes is an information exchange agreement that helps us to link assets held in the Cayman Islands to criminality and, importantly, means that we can stop those assets from being transferred on.
“The Cayman Islands withdrew from the Exchange of Notes after the UK’s Sanctions and Anti-Money Laundering Act was passed in May. Recently, the Cayman Islands Government has also stopped the Royal Cayman Islands Police Service (RCIPS) from being the competent authority for dealing with Beneficial Ownership requests.
“Both of these steps make our cooperation on serious organised crime more difficult. We are working with the Cayman Government to resolve these issues constructively, including through discussions between the FCO Minister for the Overseas Territories Lord Ahmad and the Premier.”