Cayman Finance is pleased to learn from the Cayman Islands Government that further positive discussions on Cayman’s beneficial ownership regime took place on 23 February 2016 between representatives from the UK’s Foreign and Commonwealth Office (FCO) and National Crime Agency (NCA) and the Cayman Islands Government.
Mr Jude Scott, Cayman Finance CEO, said it was a significant step forward to see the FCO and NCA send a team to visit Cayman to directly gain more detailed insight into the strength of Cayman’s long standing and highly effective corporate service provider (“CSP”) verified beneficial ownership regime.
“Cayman Finance worked closely with the Ministry of Financial Services in preliminary discussions and working groups in the short period leading up to the FCO and NCA visit and endorses Government’s position to maintain and enhance the current effective CSP verified beneficial ownership regime as well as supporting Government’s proposed concept to further enhance the current system with a technology platform,” he said.
“Cayman Finance understands the proposed centralised access technology concept would be non-public, with strictly local access; and maintains the key elements of Cayman’s current effective regime,” Mr Scott said. “Importantly, the proposed concept is intended to utilise technology to provide more efficient and faster access for appropriate beneficial ownership information requests.”
“Cayman Finance is working closely with the Cayman Islands Government to provide industry input on the design of such a technology based system enhancement to take into account key elements of such a concept, including security and appropriate access protocols for information.”
“We appreciate the efforts of the Cayman Islands Government in communicating the benefits of our current system in the global fight against financial crime. We are pleased to see that progress is being made and that our existing effective system is receiving appropriate positive international recognition,” he said.
Mr. Scott explained the Cayman Islands had long recognized the threat of global financial crime was an ever-evolving and serious global issue requiring effective processes and appropriate transparency and collaboration across all G20 and IFC countries.
“The Cayman Islands continues to play a leadership role on this important issue, including maintaining and enhancing its world class CSP verified beneficial ownership regime,” he said.
Cayman Finance looks forward to continuing its work with the Ministry of Financial Services, and other local stakeholders, to further evolve and enhance Cayman’s strong regime, and will provide support as the Ministry of Financial Services continues to collaborate effectively with appropriate authorities in the UK and around the world.