Offshores continue to keep track of beneficiaries

06.09.2023 The Cayman Islands government has published Beneficial Ownership Transparency Bill 2023, expanding the country's anti-money laundering (AML) obligations by enhancing and consolidating the existing beneficial ownership legislative framework.

The Bill is the result of extensive consultations with industry stakeholders, members of the public, government partners and international organizations. It is intended to fulfill the Cayman Islands' 2019 commitment to introduce public registers of beneficial ownership information. According to the Cayman Islands Minister of Financial Services, the bill will help prepare for the Financial Action Task Force's (FATF) fifth round of assessments, due in 2025.

The Bill consolidates the existing beneficial ownership rules in the Companies Law, the Limited Liability Companies Law and the Limited Liability Partnerships Law into a single piece of legislation. This will facilitate compliance of the Cayman Islands AML regime with FATF Recommendation 24, which was recently revised and requires competent authorities to have access to adequate, accurate and up-to-date information on beneficial owners of companies. The Bill improves access to the register for law enforcement and relevant authorities.

Source: https://www.mfs.ky/news/beneficial-ownership-transparency-bill-to-advance-caymans-aml-cft-regime/