Topic: Companies Amendment Bill

Government is presenting a raft of bills for debate in the Legislative Assembly on Wednesday, 24 July, to address the fallout from the negative assessment of how Cayman’s anti-money laundering and counter financing of terrorism regime works in practice.

Government pushed through new economic substance rules and other bills during a marathon Legislative Assembly session on Monday in a bid to avoid a European Union tax blacklisting.

Officials from the General Registry and the Ministry of Financial Services have met with local banks to address concerns over onerous banking requirements for charitable organizations, specifically in relation to problems experienced by nonprofit organizations to open bank accounts.

Lawmakers passed two bills amending the laws governing the registration and reporting requirements for nonprofit organizations on Tuesday.