Now that the Economic Substance Bill and its accompanying legislation have been passed Financial Services Minister Hon. Tara Rivers says the work continues to keep Cayman’s reputation intact.
On Monday (17 December) legislators worked late into the night to pass the bill and changes to two of Cayman’s companies law to satisfy international obligations.
The aim is to steer clear of the European Union blacklist.
“The bill has passed and we are now moving forward to do what we need to do to protect the interests of the Cayman Islands,” Ms. Rivers said.
The EU blacklist is expected to be published in early February 2019.