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Visiting UK MPs not in support of forcing public beneficial ownership registries on OTs

The UK shouldn’t force Cayman into publishing the names of asset holders here.
That’s according to British lawmakers visiting Cayman last week.
Visiting British Members of Parliament Andrew Rosindell, Henry Smith, Col. Bob Stewart and Martin Vickers said the UK’s Sanctions and Anti-Money Laundering law needs to be changed.

“It’s not right that effectively we are expecting Cayman Islands to have a much more rigid system that we, in fact, use ourselves in mainland UK,” said Mr. Rosindell.

Under the UK law, Cayman has to make public a list of asset owners by 2020 or face an Order in Council.

“But certainly an Order in Council would be a direct challenge to the autonomy of an overseas territory to make its own decisions in its own interests,” he contended.

They said it’s not too late to fix the situation, all it takes is political will on the UK government’s part.

“So it needs sorting out. The government did not want to go down this road they were forced into it and I think we all hope that government will take a fresh look at this and try and find a way of mitigating what’s being decided and maybe even amending it before it comes in,” said Mr. Rosindell.

Government said it will take its fight to court if needed, but the visiting MPS steered clear of picking sides.

“The Cayman Islands is entitled to challenge that and the legal route is the way to do it. They are entitled to do that. It is not for us to support the Cayman government against the UK government. It is for the right decision to be sought and hopefully, that will happen,” he added.

They said they will share what they learned during their time in Cayman with their colleagues overseas.
The MPs declined to comment on the ongoing Governor Anwar Choudhury investigation, but they did say they think it’s time Cayman to have a say in who they want for their Governor.

About the author

Reshma Ragoonath

Reshma Ragoonath

Reshma Ragoonath is a Trinidadian journalist with 16 years media experience with a strong background in print with her most recent stint at The Cayman Reporter. She has a BA in Mass Communications, as well as, an Associate degree in Journalism and Public Relations.

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