Government and the UK have come to an agreement over the sharing of beneficial ownership information without having to succumb to a public registry.
The premier said at a Monday morning (11 April) press conference enhancements to our information sharing system in the form of a centralised platform provides for the continued viability of our financial services industry.
“We’ve been pushing for this concept,” said premier Alden McLaughlin. “This is not what the UK wanted, the wanted a more conventional central registry.”
Mr. McLaughlin said it took three years of negotiations, and several visits from UK ministers and officials, before the mother country was satisfied that Cayman could provide the beneficial ownership information it wanted without a public central registry.
“This is why, throughout these discussions, we have remained consistent in pointing out there is no need to adopt any other system. I’m glad and proud that our perseverance has finally paid off,” said Mr. Mclaughlin.
Instead, Cayman will implement an enhanced sharing system for beneficial ownership details.
“The Cayman Islands will implement, as we have said for some time, a central platform that will allow designated Cayman islands officials to directly obtain and provide details of beneficial ownership of companies incorporated in Cayman to the United Kingdom,” said Mr. McLaughlin.
But Mr. Mclaughlin told reporters this agreement doesn’t mean the UK will ease pressure toward its end goal: central public registries.
“No, the pressures are not going to go away, and the demands are not going to go away,” said the premier.
He said he’s confident Cayman will continue as a key cog in the world of global finance and business.
“We have a greater sense of confidence about the UK’s endorsement of the business that we do,” said Mr. McLaughlin.
A working group has been set up to look at potential legislative changes. That group’s proposal is due in just a few weeks.
By September, it’s hoped the legislative changes will have been passed, and the focus will shift to the implementation of the new system in June of 2017.