Cayman Islands will abolish secrecy legislation & extend BO information exchange

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The Cayman Islands Government visited London with plans to establish deals with various jurisdictions, similar to the agreement it has with the UK regarding the exchange of Beneficial Ownership (BO) information and to ultimately abolish the countries notorious secrecy laws.
Just before the UK’s held its annual anti-corruption summit, Mr Alden McLaughlin, Premier of the Cayman Islands has stated that his country wish to join the reporting initiative in order to develop the global standard for sharing with authorities the details of the entities registered here.

Mr McLaughlin was enthusiastic to show the years of cooperation his government have had with the regime already, showing that the Cayman Islands ranks of transparency have been exceeding those of the white-listed jurisdictions. The Ministry published a statement detailing the newest developments, as pressure builds on the jurisdictions considered to be tax havens, the Cayman Islands being one of them.

During the meetings, it was established with the UK that in order to gain greater collaboration between tax authorities in the global fight against tax evasion, it is welcoming jurisdictions that are participating in the initiative for the exchange of beneficial ownership information to enter into agreements with each other.