Law changes allowing the exchange of Beneficial Ownership information kicked into effect on Saturday 01 July bringing Cayman in line with international standards.
The law changes create the framework for Cayman’s electronic platform which will be used to transfer a company’s registry information to UK authorities upon request only.
Financial Services Chief Officer Dr. Dax Basdeo said allowing authorities to know who owns and operates entities in Cayman in a shorter space of time helps with solving financial crimes.
“It helps us when it comes to investigations looking at trying to find out what’s going on with criminal activity and therefore the police and other authorities like the Tax Information Authority, the Monetary Authority those agencies that need to access this information to conduct investigations,” Dr. Basdeo explained.
The Financial Crimes Unit (F.C.U) is tasked with overseeing the exchange of Beneficial Ownership information.
News source: Cayman 27