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‘Secrecy Law’ and Bearer Shares bite dust in Cayman’s transparency efforts

The country took its seat at the International Anti-Corruption Summit Thursday (12 May) in London.

Premier Alden McLaughlin joined leaders from the US, Nigeria, Norway, Afghanistan, and several other countries to discuss international tax transparency issues.

The Premier told Cayman 27 the country is on the leading edge of fighting corruption, as evidenced by, among other proactive steps, the move to repeal the so-called “secrecy law.”

“The decision to repeal the Confidential Relationships (Preservation) Law was taken a long time ago. In fact we’ve just published the bill to do so, and to replace it with the Confidential Information Disclosure Law, which will outline the circumstances in which confidential information can be disclosed, or should be disclosed,” said the Premier by telephone from London.

Bearer shares are also getting the axe. Immobilised since the turn of the century, bearer shares, which is effectively unregistered stock that does not get tracked, will be completely abolished by July 13th.

About the author

Joe Avary

Joe Avary

Joe Avary has been with Cayman 27 since 2014. He brings 20 years in television experience to the job, working hard every day to bring the people of Cayman stories that inform the public and make a difference in the community. Joe hopes his love for the Cayman Islands shines through in his informative and entertaining weather reports. If you have a story idea for Joe or just want to say hello, call him at 324-2141 or send an email to josephavary@hurleysmedia.ky

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