Cayman Finance CEO: Current system better than UK proposal

Officials from Cayman and other British Overseas Territories will be finding out shortly whether they’ll see even greater pressure to form a central public registry of beneficial ownership of companies.

The Overseas Territorial Joint Ministry Council will be held 1-2 December in London, and the United Kingdom is expected to again call on its territories to create a central registry with public access.

The chief executive officer of the organisation representing Cayman’s financial companies says the UK proposal would be a step backwards.  Jude Scott says Cayman authorities already collect validated information that can be shared with law enforcement elsewhere as compared to the UK proposal which is based on self-reporting. Mr. Scott says self-reporting won’t catch terrorists or money launderers.

“We have to be frank,” Mr. Scott said, “Those people are not going to surrender themselves and say, ‘oh my goodness, I need to submit a form and self-report. Here I am.’”

 

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