The Cayman Ministry of Financial Services has launched a consultation on the changes needed to enable public access to beneficial ownership information.
The OECD has issued another update on jurisdictions‘ progress to amend their preferential tax regimes to remove harmful elements under the OECD base erosion and profit shifting Action Plan minimum standard on harmful tax regimes (Action 5).
Cayman Premier Alden McLaughlin met with lawyers in London on Monday to discuss the territory’s constitutional relationship with the UK in light of UK legislation forcing the territory to set up a publicly accessible register on the beneficial ownership of legal entities.
The UK’s 14 Overseas Territories must bring in publicly accessible registers concerning the beneficial ownership of legal entities or face having them imposed by the UK, following Royal Assent to the UK Sanctions and Anti-Money Laundering Act 2018 on May 23, 2018.
The British Overseas Territories have condemned a UK Government proposal to compel the jurisdictions to publicly disclose the beneficial ownership of legal entities established in their territories.