Cayman can breathe a sigh of relief as contentious amendments to the UK’s Criminal Finance Bill are withdrawn.
Financial Services Minister Hon. Wayne Panton confirmed this.
The amendments were calling for orders in council to force Overseas Territories and Crown Dependencies to create public registers listing all owners of assets.
This follows Premier Hon. Alden McLaughlin’s visit to the UK where he updated Overseas Territories Minister Baroness Anelay on government’s centralised beneficial ownership platform.
Mr Panton says the pressure is off for now.
“That amendment was withdrawn so that isn’t a part of the discussion at the moment. It is not inconceivable that it cannot come back up, but at this point it has been withdrawn,” he said.
Government is finalising the technical protocols to get the platform up and running in time for its June deadline.