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New beneficial ownership pressure

Beneficial ownership pressure rears its head again for Cayman and this time it’s coming from beyond the mother country.
The UK parliament is reviewing amendments calling for Orders in Council to force overseas territories to disclose owners of all assets in their countries.
A parliamentary report on that proposal is expected to be tabled in the House of Commons soon.
Added to that pressure is a new bill heading to the German parliament targeting offshore financial centers and tax avoidance…
Something Financial Services Minister Hon Wayne Panton says he’s watching, but he believes the German bill poses no threat at the moment.
“While we need to keep an eye on it to understand what they are seeking to achieve and whether they are utilising the Cayman Islands as a justification which I do not think is the case right now at this point,” Mr Panton says.
Consultation is currently ongoing on Cayman’s own beneficial ownership legislation which creates the legal framework for a centralised electronic platform to access beneficial ownership information held here.

About the author

Reshma Ragoonath

Reshma Ragoonath

Reshma Ragoonath is a Trinidadian journalist with 18 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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