(CNS): The public is being invited to comment on the government’s proposals to reshape the Cayman Islands’ beneficial ownership legislation into a single law to make it more effective in fighting crime and to pave the way to meet the forthcoming changes to the regime, which is expected to lift the lid on who really owns what in the world of international finance.
A consultation paper released Tuesday, Enhancement of the Beneficial Ownership Framework, includes questions for the public to consider about how Cayman’s financial sector manages the law around beneficial owners — those who ultimately own or control an entity that may be held in another name.
“This consultation is important because a strong beneficial ownership framework strengthens our commitment to fight criminality, not just locally but also globally,” said Financial Services Minister André Ebanks. “Government’s proposals are therefore intended to place Cayman in an even stronger position with global standards that fight criminal activity, such as money laundering and terrorist financing, and at the same time creating a more streamlined and concise legislative act.”
In 2017 Cayman and other UK Overseas Territories entered into agreements, called Exchange of Notes, with the UK. These further strengthened the territories’ respective beneficial ownership frameworks, Ebanks explained. “But as global standards for these frameworks continue to evolve, it’s necessary to revisit ours to ensure such standards are...
Read Full Story: https://caymannewsservice.com/2021/09/bo-law-under-review-ahead-of-public-register/
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