22 November 2023
The Cayman Islands is advancing its anti-money laundering and countering the financing of terrorism regime with the introduction of the Beneficial Ownership Transparency Bill 2023. This bill aligns with the enhanced Recommendation 24 of the Financial Action Task Force (FATF) global standards. This requires countries to ensure that competent authorities have access to adequate, accurate and up-to-date information on the true owners of companies.
The proposed changes to the framework include bringing limited partnerships and exempted limited partnerships into scope of the reporting requirements; amendments to the definition of beneficial owner; and updates to the information that is required to be reported to the relevant authorities for beneficial ownership in the Cayman Islands. The bill contains a clause that enables public access to specific beneficial ownership information, to take account of the commitment made by the Cayman Islands to the UK in 2019. This is regarding the introduction of a public register of beneficial ownership information.
‘The introduction of the Beneficial Ownership Transparency Bill 2023 demonstrates the Cayman Islands’ commitment to upholding global standards, as they evolve, in the fight against money laundering and terrorist financing. By enhancing transparency and ensuring access to accurate information, the Cayman Islands solidifies its position as a trusted global financial centre of excellence dedicated to combating financial crimes.’ – Minister Ebanks.
Minister Ebanks is expected to present the bill in parliament in the fourth quarter of this year.
RSM supports a range of clients in enhancing and providing on-going assurance regarding their financial crime framework. For more information, please get in touch with Paul Jennings, or your usual RSM contact.