Cayman 27 – ARCHIVE
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Cayman meets Beneficial Ownership international standards

Law changes allowing the exchange of Beneficial Ownership information kicked into effect on Saturday 01 July bringing Cayman in line with international standards.

The law changes create the framework for Cayman’s electronic platform which will be used to transfer a company’s registry information to UK authorities upon request only.

Financial Services Chief Officer Dr. Dax Basdeo said allowing authorities to know who owns and operates entities in Cayman in a shorter space of time helps with solving financial crimes.

“It helps us when it comes to investigations looking at trying to find out what’s going on with criminal activity and therefore the police and other authorities like the Tax Information Authority, the Monetary Authority those agencies that need to access this information to conduct investigations,” Dr. Basdeo explained.

The Financial Crimes Unit (F.C.U) is tasked with overseeing the exchange of Beneficial Ownership information.

 

About the author

Mario Grey

Mario Grey

Mario Grey's passion for journalism has been long intertwined with his love of people and culture from his days as a youth growing up in the Cayman Islands. He captained his debate team whilst at John Gray High School and graduated as Head Prefect. He also worked at KVHU FM in Searcy, Arkansas, United States and worked and interned for Radio Cayman News before graduating from the University Of Arkansas at Little Rock in May 2015.

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