The legislative framework setting up Cayman’s beneficial ownership information platform is now open for public review. The Companies Amendment Bill and accompanying bills which establish the electronic platform were gazetted this week.
They pave the way for a second phase of the consultation on the planned access point to retrieve beneficial owners of assets held here. The law sets out the way beneficial ownership information will be shared, accessed and by whom this will be done.
Financial Services Minister Hon. Wayne Panton says this is not an attempt to introduce a public or central register of beneficial ownership information.
The minister adds a register will only be established when it’s a global standard.