The Cayman Islands’ government has set out plans to establish a beneficial ownership register to comply with both UK and EU regulations.
The British Crown Dependencies are introducing a similar register following pressure from the EU, and the British Overseas Territory is following suit.
The introduction of a beneficial ownership register is part of the EU’s 5th Anti Money Laundering Directive (5AMLD).
The government said it expects to roll it out by “at least” 2023, in line with other EU member states.
International standard
Alden McLaughlin, premier of the Cayman Islands, said: “Since 2013 [the] government has committed to introducing a public register of company beneficial ownership when it becomes an international standard.
“The introduction of the UK’s public beneficial ownership register, the EU [5AMLD] and similar actions by other jurisdictions represents a shift in the global standard and the practices used to combat illicit activity.
“The timeline we have announced today recognizes the work necessary to create a register that is sufficiently robust, capable of suitable levels of interoperability and that will avoid the redesigns that the UK now has to undertake.”
Collective effort
“It is appropriate that other jurisdictions with developed financial services industries follow suit, and we will make every effort to support the global development and implementation of evolving international standards in this area,” said Tara Rivers, minister of financial services.
“We stand ready to work collaboratively with other jurisdictions as a common approach emerges in the design and maintenance of verified beneficial ownership registers.”
Cayman Finance, the financial services association in the islands, said: “Now that the UK and EU are establishing an emerging global standard for ownership registers to be public, the Cayman Islands financial services industry will work closely with the government to ensure we meet that standard also.”
