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Cayman Islands launches public consultation on beneficial ownership of companies
Published on January 16, 2014 Email To Friend    Print Version

By Caribbean News Now contributor

GEORGE TOWN, Cayman Islands -- The government of the Cayman Islands is asking industry, clients and the general public for their input regarding the beneficial ownership of locally-registered companies.

According to the Financial Services Secretariat, the purpose of the consultation is to ensure appropriate transparency in the Cayman business environment – in other words, to ensure that the appropriate mechanisms are in place effectively to maintain information on who owns and controls Cayman-registered companies, and that this information is readily available to appropriate authorities.

“Transparency is important, on a local and global scale, because it is a means to mitigate financial crimes. It protects investors, as well as public revenue. Transparency also generates public trust in the integrity of our systems, and increases confidence in the stability of our jurisdiction,” the Secretariat said in a press release.

The consultation covers sections 2 and 3; and section 6 of the Cayman Islands Action Plan to Prevent the Misuse of Companies and Legal Arrangements, released on June 18, 2013, in response to initiatives stemming from the UK-chaired G8 Summit. The plan commits the Cayman Islands to a review of its financial services regime, to ensure that business conducted in the territory continues to meet international standards on combating money laundering, and the financing of terrorism and proliferation.

“While Cayman’s robust response to such financial crimes has been recognised by third-party global bodies such as the Financial Stability Board and the Financial Action Task Force, we will continue to evaluate further proposed changes in light of the intended benefits to law enforcement and tax authorities, the costs of implementation, and the potential impact on our competitive position,” the release said.
 
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