Gonzalo Jalles, the chief executive officer of Cayman Finance, has criticised the suggestion of implementing the UK’s beneficial ownership registry regime.
The proposed law has received considerable criticism from a number of jurisdictions including the Cayman Islands.
He said: “Cayman is being asked to consider implementing this system while our existing regime is not only stronger than what the UK has now, but in most aspects even better than what has been proposed.
“Cayman’s response should be: we have a much better system for that, it may not be cost efficient for the UK, but it certainly does a better job at ensuring the accuracy of the information than Mr. Cameron’s proposal.”
He added that the criticism appears to be spreading, with the UK Institute of Directors saying: “The small minority of company owners who wish to conceal their influence over a company are likely to continue to be able to do so.”
Gonzalo Jalles, Cayman Finance, Cayman, Beneficial Ownership Registry Regime, International