Cayman Finance response to public consultation on beneficial ownership

The Government deadline for feedback on the public consultation regarding beneficial ownership, specifically sections 2, 3 and 6 of the Cayman Islands Action Plan to Prevent the Misuse of Companies and Legal Arrangements, ended on 28 February 2014.

Cayman Finance fully supports the Ministry of Finance’s aim of ensuring there is appropriate transparency in Cayman’s business environment and of ensuring Cayman continues to adhere to the high standards set by international bodies such as the Financial Stability Board and the Financial Action Task Force.  We note and endorse the statement in the public consultation that: “Active engagement and necessary action has resulted in the recognition of our islands, by key global bodies such as the OECD, as a jursidiction with legislation and regulation that meets and in some cases, exceeds, globally accepted standards.”

Cayman Finance encouraged its individual member organisations and the various specific sector associations to respond.

Click HERE to view Cayman Finance’s submission.

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