Cayman Islands Introduces Beneficial Ownership Transparency Bill 2023

In an effort to strengthen Cayman’s AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) regime, the recent unveiling of the Beneficial Ownership Transparency Bill marks a pivotal step. This bill, in line with global standards set by the Financial Action Task Force (FATF), ensures comprehensive access to precise information on company ownership.

Scheduled for Parliament discussion later this year, this Bill consolidates the beneficial ownership rules across various acts, aiming for a unified, user-friendly framework. Minister André Ebanks emphasizes its role in fortifying the Cayman Islands as a credible financial hub dedicated to combating financial crimes.

The legislation, shaped after extensive consultations, aims not only to meet evolving global standards but also considers public feedback. However, the specifics of public access to beneficial ownership data hinge on ongoing discussions, particularly in context of international privacy standards, post the European Court of Justice’s 2022 ruling.

Expected to undergo further parliamentary discussions, this Bill signifies a phased approach, ensuring existing obligations remain until new provisions come into effect. Additionally, accompanying regulations and industry consultations are underway to supplement this bill’s implementation.

Our team is always ready to provide high-quality advice and help in solving any tasks you set. Subscribe to our pages on social networks. If you have any questions, want to order services or consultations from us, then follow this link or write to us on WhatsApp/Viber/Telegram +380 98 363 6493 or call us.

Copyright ©2023 All rights reserved.