Topic: beneficial ownership
Cayman’s beneficial ownership model seeks to balance several pressure points
The Cayman Islands seeks to achieve this balance through broad registration obligations coupled with a controlled access regime based on legitimate interest.
Cayman unified on legitimate interests for beneficial ownership
Premier André Ebanks said Cayman will stick with a beneficial ownership register open only to those with a legitimate interest, despite UK pressure.
Premier stands firm on beneficial ownership
Premier André Ebanks pushed back on UK pressure on beneficial ownership during his 5 Feb appearance on Compass TV’s Forefront show.
Premier bullish about Cayman’s transparency reforms after UK talks
Premier André Ebanks left London this week feeling confident that the islands – and, in particular, its critical financial services industry – is in good standing with the UK government.
Opinion: A beneficial ownership public register could prove costly to Cayman
The author argues that introducing a public beneficial ownership registry to Cayman could put the islands at risk of legal action that could prove to be very costly.
Cayman company information to be open to journalists
Journalists and academics investigating financial crime will be able to access information on the true owners of Cayman-based corporations under new transparency legislation.
Opinion: Cayman’s critics are missing the point and misleading the public
Cayman has rightly rejected the demand to create public beneficial ownership registers, opting instead to provide access to those with a 'legitimate interest’.
UK politicians put ‘tax havens’ in the crosshairs as Premier leads talks in London
A Cayman Islands delegation heads to London this week for talks with British government leaders amid renewed clamour for increased transparency from offshore financial centres.
Beneficial ownership law begins amid public access push
Even as Cayman's new Beneficial Ownership Transparency law and accompanying regulations officially commenced the push to have this information publicly accessible continues.
Cayman removed from UK anti-money-laundering risk list
Following its removal from the global Financial Action Task Force anti-money-laundering list in October, the UK has removed the Cayman Islands from its list of high risk jurisdictions and the European Union is in the process of doing so.
MPs vote in favour of beneficial ownership transparency law
A newly passed law will allow access to beneficial ownership information as part of anti-money laundering and counter-terrorist financing investigations – but not to the public.
Transparency law could open up Cayman company ownership information
Companies operating in the Cayman Islands could soon be required to make details of their ‘beneficial ownership’ public under draft legislation published this week.
The...
UK government: Public registers do not breach privacy rights
The UK government has concluded that its new register of overseas entities and the register of persons with significant control are both compliant with the European Convention on Human Rights.
European Court: Public beneficial ownership registers infringe fundamental rights
In a landmark decision, the Court of Justice of the European Union has ruled that provisions in the EU’s Anti-Money Laundering Directive that allow the general public access to beneficial ownership registries are “invalid”.
Government extends beneficial ownership consultation
Government has set a new deadline for the public to respond its consultation on beneficial ownership legislation.
Government seeks input for beneficial ownership revamp
Government is inviting public comments on its proposals to reshape Cayman’s beneficial ownership legislation, including by creating a single act to make the legislation more effective in fighting crime.
Registry enforces beneficial ownership regime with fines
As of 1 Feb. 2021, the Registrar of Companies had levied 19 administrative fines of $5,000 each against companies for noncompliance with beneficial ownership requirements.
Ombudsman orders registrar to stop collecting personal information
The ombudsman has ordered the Registrar of Companies to stop collecting personal data from company shareholders who are not beneficial owners under the beneficial ownership provisions of the company registration process.
Orders in Council coming for beneficial ownership registries
The United Kingdom government has said it will issue Orders in Council at the end of the year for all British Overseas Territories to...
Out in the Open
Cayman Finance supports government’s intention to introduce a public register of beneficial ownership, when such registers become the norm under international standards.
Cayman commits to public beneficial ownership register
The Cayman Islands will make the true owners of companies incorporated in the islands public as soon as European Union countries establish their own public registers. Corresponding legislation is expected to be introduced in 2022.
Saunders raises concerns about Constitution changes
MLA Chris Saunders says he’s concerned that some of his fellow members are making it too easy to make changes to the Cayman Islands Constitution.
Leaders unite against ‘modern colonialism’
Britain’s Overseas Territories say they will “stand together” to defend their right to self-government amid increasing concerns over “constitutional overreach” from the UK.
Crown dependencies to introduce public ownership registers
The British Crown Dependencies Jersey, Guernsey and the Isle of Man announced on Wednesday they would make information on the true owners of companies in their jurisdictions more transparent.
EDITORIAL – Improving dialogue between the UK and Overseas Territories
Premier Alden McLaughlin struck the right tone in his recent statement on the United Kingdom’s governance of its overseas territories, demonstrating both fortitude and diplomacy as he addressed conflicts on a number of issues that are exceptionally sensitive politically in the Cayman Islands.
EDITORIAL – Public registers: A brief respite in an ongoing war
This week brought a welcome respite from some British lawmakers’ unrelenting attack on Cayman and other offshore financial centers. But make no mistake, this is only a lull in the storm.
UK government pulls Brexit bill debate over beneficial ownership
The United Kingdom government pulled a parliamentary debate on a piece of financial services legislation on Monday after Jersey, Guernsey and the Isle of Man warned against an amendment to the bill that would force the introduction of public beneficial ownership registries in the Crown dependencies.
EU and UK pile pressure on financial services industry
The year 2018 came to a close just like the previous year ended: with Cayman attempting to stave off a blacklisting by the European Union.
A look back at the year that was
The year 2018 was an eventful one for the Cayman Islands.
FCO: Beneficial ownership register to be made public by 2023
The U.K. has indicated that it will issue an order in council instructing British Overseas Territories to establish fully operational public registers of beneficial ownership by 2023, if they have not done so by the end of 2020.
Cayman, UK address differences at Foreign Affairs Select Committee
Cayman’s representative in London, Eric Bush, faced a grilling from British MPs Tuesday and deflected questions on the controversial issues of beneficial ownership and same-sex marriage.
Beneficial ownership: Privacy rights most likely counter to UK order in council
Challenging the section of the U.K. Sanctions and Anti-Money Laundering Act that threatens to establish public beneficial ownership registers in the overseas territories – if necessary through an order in council – would face major obstacles, according to Sir Jeffrey Jowell, QC, the lawyer who is working with the Cayman Islands government on its response to the action.
EDITORIAL – To UK lawmakers: Come back soon – and often!
Like Lord Tariq Ahmad, a steady ally who most recently visited in June to discuss public registries and hurricane preparedness, these four elected members appeared eager to understand the U.K.’s relationships – and its responsibilities – to its territories.
US bill would establish beneficial ownership registry
The United States could soon have a central registry containing the beneficial ownership information of U.S.-registered companies. Right now, companies in the U.S. are formed at the state level.
Discontent grows in overseas territories over British rule
Voices of discontent over British rule are growing louder across the U.K.’s overseas territories in the wake of the controversial decision to mandate public beneficial ownership registries.
Business owners have until end of June to file beneficial ownership details
Local business owners, who do not use registered office providers, will need to file their beneficial ownership information with General Registry by Saturday, June 30.
EDITORIAL – Offshore finance: Its crucial role in global commerce
Telling the true story of offshore financial centers and our modern economy is one critical component of our challenge going forward. It is a reminder not only of what we are fighting against – but what we are fighting for.
Mitchell: Offshore center clampdowns are attacks on globalization
Since I consider myself the world’s biggest advocate for tax competition and tax havens (even when it’s risky), I’m always on the lookout for new material to share.
Premier in London to discuss constitutional reform issues
Premier Alden McLaughlin is in London this week to take part in meetings with British officials about constitutional reform and public beneficial ownership registers.
Governor Choudhury: The path on beneficial ownership
The Cayman Islands must take control of specific changes to its beneficial ownership regime for registered companies, rather than allowing “someone else” to do it for us, Governor Anwar Choudhury said Thursday during an interview with the Cayman Compass.
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.
Weekend Mail Call: Beneficial ownership disclosure
On May 1, the U.K. House of Commons decided that Cayman and other British overseas territories must create public registries listing the owners of companies registered in their jurisdictions. It apparently caught Cayman’s leaders by surprise.
After UK ‘betrayal,’ Premier heads to London for private meetings
A pall has been cast over what was supposed to be a celebratory event in London early next week marking the 60-year anniversary of the Cayman Islands coat-of-arms following a vote in the U.K. House of Commons that many observers believe will do serious damage to Cayman’s financial services industry.
Public financial registers
Today's editorial cartoon
Letter: Public registry would harm legitimate business
Does anyone really think that the true criminals are not smart enough to find another venue to base their money laundering efforts in?
International press has little sympathy for ‘dirty money’ ‘tax havens’
The international press dedicated a huge amount of column inches this week to the decision by the U.K. parliament to force its overseas territories to make public the owners of companies registered in their jurisdiction, if necessary through an order in council.
Bush: An obligation to protect the people of the Cayman Islands
In the event that the matter cannot be sorted out through negotiation, the Premier, Mr. Alden McLaughlin, and the Cabinet have my full support to determine the legitimacy of the proposals through the legal system as the same appear to be a clear violation of the Cayman Islands Constitution, an individual’s legitimate right to privacy.
Byles: When politics trump respect
The Cayman Islands has demonstrated consistently that it will go very far in cooperating with overseas authorities to help in the fight against tax evasion, as well as to fight money laundering and terrorist financing.
Cayman beneficial ownership laws take effect
The Cayman Islands on July 1 began to operate under new laws that will introduce a technology-based system to enhance its existing regime of maintaining and exchanging information about the true owners of Cayman-registered entities.
37 bills approved in LA’s final session
The final meeting of the 2013-2017 Legislative Assembly may ultimately be remembered for its failure to approve regulatory changes to the Cayman Islands legal profession, but lawmakers approved more than three dozen new laws or changes to existing legislation.
EDITORIAL – Beneficial ownership registry: Why rush to establish what is not a global...
In a keynote speech at a conference at Blackstone Chambers in London, Premier Alden McLaughlin last week noted that Cayman leads the way with its adherence to relevant international standards. It is not the absence of rules but the introduction of sensible and balanced regulation that has ensured business growth in the islands, he said.
Beneficial ownership platform on track for June deadline
Following the passage of three legislative amendment bills last week, Cayman will establish a centralized beneficial ownership platform by the June 2017 deadline agreed to with the U.K., government officials said in a media roundtable on Monday.
Premier delivers keynote in London
In a keynote speech at a conference at Blackstone Chambers, a set of barristers chambers that specializes in commercial and public law and financial services, Premier Alden McLaughlin described in detail how the economic development of the Cayman Islands “is rooted in constitutional foundations.”
Premier to update UK on beneficial ownership
Premier Alden McLaughlin is in London this week to meet with leaders of law firms, financial institutions, government departments and U.K. MPs. “This is one more opportunity to tell the good story that is Cayman’s to MPs and Peers,” he said.
Beneficial ownership registry approved
The Legislative Assembly passed three bills Monday that will enable the creation of a searchable, corporate ownership registry, moving the Cayman Islands closer to compliance with a U.K. agreement established in April.
Beneficial ownership, lawyers’ rules up for debate
Long-awaited, controversial changes that will have a profound impact on the Cayman Islands financial services industry will be on the agenda next month in what is likely to be the final Legislative Assembly meeting of the current Progressives-led coalition government.
Second public consultation period on beneficial ownership
Government has announced the start of a second public consultation period for the planned exchange of beneficial ownership information with foreign law enforcement and tax authorities through a centralized platform.
Beneficial ownership: Cyberthreat a concern in plan
The risk of cyberattack has been highlighted as a potential concern as the Cayman Islands government looks to develop a platform to speedily share information on company ownership with law enforcement.
FATF calls on G-20 to commit to beneficial ownership standards
The Financial Action Task Force has called on the governments of the 20 largest economies to issue a public commitment to meet FATF standards on beneficial ownership. “The challenge today is not the lack of international standards to improve transparency. The challenge lies in the effective implementation of these measures,” the FATF said.
Cayman Finance, government sign new agreement
Cayman Finance has signed a new Memorandum of Understanding with the Cayman Islands government “to enhance the already close working relationship that Cayman’s financial services industry has with government,” Cayman Finance said in a statement.
Butterfield backs change to confidentiality laws
Butterfield Group has stated that it welcomes proposed changes to the laws governing the disclosure of confidential information in the Cayman Islands.
Beneficial ownership: Government says US must sign first
The Cayman Islands will not adopt a mechanism for the exchange of beneficial ownership data that is not implemented by the United States.
Business in Brief: Law Society, Bar Association endorse anti-corruption statement
The Cayman Islands Law Society and the Caymanian Bar Association have endorsed the anti-corruption statement released by U.K. and Irish professional bodies including The Law Society of England and Wales, the Institute of Chartered Accountants in England and Wales, and the Society of Trust and Estate Practitioners.
EDITORIAL – Cayman’s upcoming brutal battle on beneficial ownership
In regard to the Cayman Islands’ stance on financial services transparency, there is no room for lack of clarity.
Cayman hasn’t committed to automatic sharing of ownership data
Contrary to international media reports and a press release from No. 10 Downing Street, the Cayman Islands government did not commit to the automatic exchange of beneficial ownership information prior to the Anti-Corruption Summit in London last week.
Premier wants ‘seat at table’ in talks
Addressing world leaders at the Anti-Corruption Summit in London on Thursday, Premier Alden McLaughlin defended Cayman’s anti-money laundering and tax avoidance regimes and called for a seat at the table in developing a new global standard on sharing information about who owns companies and trusts.
Cayman joins beneficial ownership initiative
The Cayman Islands will join a new United Kingdom-led initiative on developing a global standard for sharing information on ownership of companies and trusts, the Ministry of Financial Services announced Wednesday.
Mixed reactions to Cayman Islands participation in transparency initiative
The Cayman Islands’ commitment to join an initiative for the development of a global standard to exchange beneficial ownership information has been met with a mixture of understanding and concern about the long-term stability of the financial services industry in Cayman.
Financial services body: Cayman links to Panama Papers minor
The online database of entities, officers and intermediaries linked to the Panama Papers release shows that links to the Cayman Islands are relatively minor, according to Cayman Finance.
Cayman joins iniative for new ‘global standard’ on company ownership info
The Cayman Islands will join the United Kingdom’s effort to develop a new global standard for sharing information on the owners of companies and trusts, likely to include automatic exchange of ownership information, according to the Ministry of Financial Services.
Anti-Corruption Summit focuses on beneficial ownership information in wake of Panama Papers
The massive leak of 11.5 million documents from Panamanian law firm Mossack Fonseca has renewed world attention on tax havens, offshore companies and beneficial ownership.
EDITORIAL – Supporting our Cayman delegation in London
“Politics stops at the water’s edge” is the now-famous saying by Arthur Vandenburg, the former Republican chairman of the Senate Foreign Relations Committee, who called for a stop to partisan politics when international relations were concerned.
