(CMR) Cayman Finance has issued the following statement indicating that it supports the government's decision to introduce a public register of beneficial ownership:
Cayman Finance issued the following statement in support of an announcement by the Cayman Islands Government that it intends to introduce a public register of beneficial ownership, in line with evolving standards and international obligations such as those reflected in the principles of EU 5th Anti Money Laundering Directive:
“Cayman Finance, the association of the Cayman Islands financial services industry, supports the decision by the Cayman Islands Government to introduce a public register of beneficial ownership in line with evolving global standards and practices within a timeframe that aligns with UK legislation and the EU 5th Anti Money Laundering Directive.
“The Cayman Islands’ position as a premier global financial hub is based, in part, on our industry’s long-standing commitment to the highest global standards for transparency and cross-border cooperation with tax and law enforcement authorities. That commitment has contributed significantly to the Cayman Islands achieving the same OECD rating for transparency as countries like the UK, US, Germany, Canada and Australia.
“Our industry has also actively supported Cayman’s verified ownership regime for more than 15 years even though verification of ownership information is not yet a standard achieved by most other jurisdictions, who still rely on less accurate registers of self-reported information. On 1 July 2017, new laws introduced technology-based system enhancements, improving the speed at which requested information, including beneficial ownership information can be provided to UK law enforcement. Now that the UK and EU are establishing an emerging global standard for ownership registers to be public, the Cayman Islands financial services industry will work closely with the Cayman Islands Government to ensure we meet that standard also.
“Our commitment to the highest global standards for transparency with tax and law enforcement authorities is already a key reason why leading international investors prefer to do business in the Cayman Islands so we are very confident they will continue to do so. The Cayman Islands financial services industry also will continue to offer those investors an unparalleled combination of global investment opportunities and capital, world-class professionals, a trusted judiciary and a tax neutral system within a single jurisdiction.”