Jude Scott, the chief executive officer (CEO) of Cayman Finance, has welcomed the recent statement from the Cayman Islands Government regarding the beneficial ownership changes being insisted upon by the UK.
The government recently carried out public consultation on the matter and found that 80 percent of those who responded do not believe Cayman needs a central register with public access.
Scott said: “Cayman Finance supports the government’s statement and its position that, after due consideration, it has determined that no change is necessary to Cayman’s already effective beneficial ownership system. Cayman’s system has been in place for years and already fulfils the FATF recommendations on how a country can comply with the global availability of information standard.
“The changes that were being insisted upon were unreasonable and went far beyond globally accepted practices which would only serve to create unfair and unnecessary disadvantage and damage for Cayman’s financial services industry.”
Cayman Finance, Cayman, Jude Scott, Europe