04/10/21

CAYMAN ISLANDS: Government extends beneficial ownership consultation.

As published on caymancompass.com, Friday 1 October, 2021.

Government has set a new deadline for the public to respond its consultation on beneficial ownership legislation. The deadline is now 5pm, Monday, 18 Oct. 2021, two weeks later than originally planned.

It is government’s first public consultation on legislative beneficial ownership proposals, which apply to all entities operating in the Cayman Islands.

Further public consultation will take place as the legislative process continues, said the Ministry of Financial Services and Commerce, which is conducting the consultation.

A “beneficial owner” is a person who ultimately owns or controls an entity, although the entity may be held in another name.

The proposals consolidate Cayman’s beneficial ownership legislation into one single act, to further improve the legislation’s effectiveness in fighting financial crime, the ministry said.