The Cayman Islands Government’s recent announcement that Cayman has joined the initiative for the development of a global standard for the sharing of beneficial ownership information has been welcomed by Cayman Finance.
Cayman Finance, which promotes the development of the Cayman Islands financial services, said that the move continues to reflect Cayman’s highest standards of transparency.
“Cayman Finance’s collaborative relationship with Government supports enhancements like these to our regulatory and legal infrastructure to promote even greater transparency with law enforcement here and around the world,” said the firm.
“In addition to supporting the new prohibition on bearer shares and the repeal of Cayman’s Confidential Relationships law and replacement with new data protection legislation, Cayman Finance has also played a critical and constructive role in the negotiation and implementation of the new beneficial ownership agreement with the UK whilst at the same time seeking to protect the legitimate rights to privacy of law abiding citizens.”
Cayman Finance said the move will build on “an already world-leading licensed corporate services provider verified beneficial ownership system” that has been in place for years in the Cayman Islands.
It said this system provides regulated due diligence know-your-customer checks and operates transparently with law enforcement globally while maintaining the critical balance of protecting honest investors’ right to privacy.
The result of this positive working relationship is that the Cayman Islands has been recognised for decades as a strong international partner in combating corruption, money-laundering and tax evasion.
“We have met or exceeded all globally-accepted standards for transparency and cross border cooperation with law enforcement and these new actions maintain our leadership in this area,” said the firm.
Cayman Finance said it will continue working with the Cayman Government and those around the world who pursue practical solutions like these that also recognise the critical role international financial centres like Cayman play in the global economy.
Cayman Finance, Cayman Islands Government, Cayman Islands