Cayman To Improve Company Ownership Registry
by Mike Godfrey, Lowtax.net, Washington
08 December, 2016
The Cayman Government has launched a consultation on The Companies (Amendment) Bill 2017, which would allow it to develop a centralized platform for beneficial ownership (BO) information.
Earlier, the UK Government had been pushing for its Crown Dependencies – Guernsey, the Isle of Man, and Jersey – and its various Caribbean Overseas Territories to introduce publicly accessible registers that would include information on the beneficial ownership of companies and other entities. The territories rejected the plans, noting that such registers are absent elsewhere, and some have put forward plans to improve their existing systems.
Under an agreement negotiated with the UK Government, Cayman has said it will improve and modernize its existing register of beneficial ownership. Jude Scott, the CEO of Cayman Finance, the island's financial services promotional agency, had said at the time: "Cayman Finance understands the proposed centralized access technology concept would be non-public, with strictly local access; and maintains the key elements of Cayman's current effective regime... Importantly, the proposed concept is intended to utilize technology to provide more efficient and faster access for appropriate beneficial ownership information requests."
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