Changes mandating local companies to keep a list of all of their beneficial owners clears second reading in the Legislative Assembly. However Opposition Leader Hon. McKeeva Bush says it’s sending the wrong message to the UK and could create problems for the financial services industry.
The legislative changes form part of the regulatory framework needed to create Cayman’s centralised electronic platform to access information on the owners of companies and assets based here.
Financial Services Minister Hon. Wayne Panton says it is a necessary step.
“As long as we are adhering to international standards that are applied globally, that’s the world we are going to continue to operate within. In order to maintain our legitimacy, in order to protect our reputation as a strong quality jurisdiction,” Mr Panton said.
The changes also form part of Cayman’s preparation for international risk assessments later this year.
Mr Panton says beneficial ownership information will not be made public and only given out when requested by law enforcement.