Cayman Islands Sets 2023 as its Beneficial Ownership Register Implementation Deadline

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After being pressed by the by the UK’s Foreign and Commonwealth Office, the Cayman Islands will finally introduce a public register of company beneficial ownership in 2023, as requested. It hopes to expedite legislation within a timeframe that reflects the effective development of public registers in the UK and Europe.

Caymans move is in line with evolving international standards and responsibilities such as those echoed in the principles of the EU 5th Money Laundering Directive. The Cayman Islands’ Financial Services Minister urged other financial centres to follow in The Crown Dependencies footsteps to implement similar measures.