Cayman officials work to find alternative to controversial transparency requirements

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The Cayman Islands have met with UK government officials to discuss less controversial alternatives to the public register of beneficial ownership that is less harsh but will still meet the UK’s transparency requirements for its overseas territories.
Financial Services Minister of the Cayman Islands, Mr Wayne Panton led the discussions, updating representatives who visited the island this week about the progress made to improve the current beneficial ownership information system. Comprising of Government representatives and other industry associations from the Cayman Islands, officials have been working to ensure the regime meets globally accepted reporting standards, according to a press release. The process is being assisted by a working group established since September 2015 by the Ministry.

Mr Panton met with Dr Hayes, Director of the Overseas Territories Board in the UK and the Policy Adviser for Financial Services, Mr Phillips. He said the meetings advanced the countries understanding of the Cayman Islands legislative strengths and existing regulatory framework, allowing the building of new relations between UK and Cayman officials.

While the subject of beneficial ownership remains an area of major disparity between the UK and its territories, a senior representative from the National Crime Agency in the UK discussed cooperation between both countries’ law enforcement agencies. He concluded the discussion by stating that communications were indeed headed in the right direction for an imminent agreement that will suit everyone involved.