All 11 financial services bills put before the Legislative Assembly were passed on Friday.

Many of the measures set forth in the bills seek to address gaps in the Cayman Islands’ regulatory framework identified in a recent report from the Caribbean Financial Action Task Force.

The slew of bills comes less than two months before the jurisdiction’s follow-up with the task force on 24 Sept. The results of that follow-up will be presented in November in Antigua.

The previous CFATF report found practical deficiencies in Cayman’s anti-money laundering and counter financing of terrorism framework. The jurisdiction must now demonstrate both establishment of legislative framework and effectiveness of such framework, Premier Alden McLaughlin stated earlier in the session.

Passage of the Companies Amendment Bill 2019 brings additional requirements for the identification of legal persons, maintaining information on voting rights in company structures and the notification time frame for changes of directors and officers. It will also require public registers of the names of current company directors and alternative directors. Sanctions will also be increased for failure to maintain updated beneficial ownership information.

Other financial bills passed affect limited liability partnerships, banks and trust companies, money services, mutual funds, building societies and cooperative societies.

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