A group of senior representatives from the UK’s National Crime Agency met with Cayman Islands officials in George Town on Tuesday (23 February) to discuss ways to increase collaboration on financial crimes. But Cayman officials held firm on refusing UK demands to create a public registry of beneficial ownership.
Minister for Financial Services Wayne Panton said the British delegation seemed happy at the level with which Cayman cooperates in providing information on investigations. The speed of the information exchange was the only factor UK officials asked to have improved.
The Cayman delegation also gave an update on progress toward a beneficial ownership platform that can meet international standards for providing information as needed for investigations into corruption or money laundering. While it falls short of a central or public registry, Minister Panton says the platform allows government “to obtain information and data in an enhanced fashion and deliver that in accordance with established protocols where we think it meets those requirements.”