Cayman Finance CEO Jude Scott says the business lobby group is backing government’s stance to not bend to the UK’s wish for a public registry. That list would have shown whose names are on offshore accounts held here.
Government recently carried out public consultation on the matter. Some 80% of those who responded do not believe Cayman needs a central register with public access.
Cayman Finance CEO Mr. Jude Scott Monday welcomed the recent statement from the Cayman Islands Government (CIG) regarding the beneficial ownership changes being insisted upon by the UK.
“Cayman Finance supports the Government’s statement and its position that, after due consideration, it has determined that no change is necessary to Cayman’s already effective beneficial ownership system. Cayman’s system has been in place for years and already fulfills the FATF recommendations on how a country can comply with the global availability of information standard,” he added.
“The changes that were being insisted upon were unreasonable and went far beyond globally accepted practices which would only serve to create unfair and unnecessary disadvantage and damage for Cayman’s financial services industry,” said Mr. Scott.