The two movers of the contentious amendment seeking to force overseas territories to create public beneficial ownership registries by 2020 are going after crown dependencies too.
According to the UK Guardian UK MP’s Margaret Hodge and Andrew Mitchell say they are prepared to look at ways to force crown dependencies, the Isle of Man and the Channel Islands, to introduce public registers of company ownership.
According to the article, the MPs say given the different constitutional relationship the UK shares with the crown dependencies they opted not to include them in their original amendment to the Sanctions and Anti-money laundering law.
Meanwhile House Speaker and Cayman Democratic Party leader McKeeva Bush has thrown his support behind Premier Hon. Alden McLaughlin as he considers Cayman’s options in the matter.
“In the event that the matter cannot be sorted out through negotiation, the Premier Mr. Alden McLaughlin, and the Cabinet have my full support to determine the legitimacy of the proposals through the legal system as the same appears to be a clear violation of the Cayman Islands constitution, an individual’s legitimate right to privacy,” Mr. Bush said.
Mr. Bush urges all of Cayman to stand with the Premier and the Government as they respond to what he calls the UK’s “unwarranted intrusion.”
We reached out to the Premier’s Office for a response to this latest development in the UK we are yet to hear back.
The fallout from the decision by the UK to seek to force the creation of public beneficial ownership registers continues. Tonight (3 May) Cayman 27’s Reshma Ragoonath and Joe Avary find out what is happening on the ground in Cayman’s Financial Services industry from Cayman Finance CEO Jude Scott.