The Cayman Islands government says it intends to introduce a public register of beneficial ownership of all domiciled financial entities, prompting calls for more British Overseas Territories to follow suit.
Legislation required for the register is expected in 2022 and all domiciled financial entities should be registered by 2023.
The new legislation aims to bring the islands in line with evolving global standards and international obligations such as those reflected in the principles of the European Union’s 5th Anti Money Laundering Directive.
“Since 2013 my government has committed to introducing a public register of company beneficial ownership when it becomes an international standard,” Premier Alden McLaughlin said.
Global Witness is calling on the other thirteen British Overseas Territories – which include the British Virgin Islands, Turks and Caicos Islands and Gibraltar – to follow suit.
“The writing is on the wall for the rest of the British Overseas Territories who will today be feeling the pressure to follow suit and announce their own plans as a matter of urgency,” said senior campaigner at Global Witness, Naomi Hirst.
“As more and more countries and jurisdictions commit to company transparency, those failing to do so are becoming isolated voices in a more open world,” she concluded.
Categories: Trade Based Financial crimes News