📜 Cayman Islands passes new financial transparency laws

The Cayman Islands' Financial Services Minister, André Ebanks, has successfully guided several bills through parliament, including a standalone Beneficial Transparency Ownership Act. The new legislation is designed to enhance the current system for sharing information about who benefits from financial entities registered in the Cayman Islands. The aim is to stay ahead of evolving international standards and rules. Ebanks emphasized the importance of staying ahead of global standards rather than scrambling to update legislation to meet new requirements. 🌐

The Cayman Islands has been collecting beneficial ownership information for over two decades. However, in 2019, the territory was found to be only partially compliant with beneficial ownership regulations due to inadequate sanctions for non-compliance and difficulties verifying submitted information. The new legislation streamlines the process, helping the Cayman Islands stay one step ahead of international standards. However, Ebanks noted that the Cayman Islands' 2019 commitment to the UK to publish public registers when open access becomes a global standard would not yet be adopted, citing privacy concerns. 📊

In addition to the new legislation on ownership transparency, Ebanks also guided nine amendment bills through parliament to alter existing financial sector-related acts to align with the new Beneficial Transparency Ownership Act. The minister noted that the industry had been extensively consulted and had helped shape the act. The new law, Ebanks said, positions the Cayman Islands to be proactive rather than reactive in dealing with evolving international financial standards. 🏦