CAYMAN ISLANDS: introduce exemptions for the beneficial ownership regime
The Cayman Islands have now introduced exemptions from the beneficial ownership regime. The new company beneficial ownership registers will now be private but will be accessible to the Cayman Competent Authority. However, various types of companies will be exempted from managing a Beneficial Ownership Register. Examples of these would be special purpose companies; stock exchange listed companies and regulated funds under Mutual Funds Law.
Additionally, investment funds supervised by a regulated firm, collective investment schemes and private equity will also be exempt. The Cayman based law firm of Harneys believes that the new system mirrors related international objectives such as the EU’s Fourth Anti-Money Laundering Directive (4MLD). The offshore law firm Mourant Ozannes has released new material on which types of entity that will be exempt from the beneficial ownership regime. Even though the new law launched as of 1st July 2017, entities that are liable to the new law will not be indicted for failing to form a register and are given 1 year to complete this.
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