Comments Invited on Legislation to Create Beneficial Ownership Platform

The public is invited to submit comments on the Companies (Amendment) Bill, 2017, a key legislative amendment that would allow Cayman to develop a centralised platform for beneficial ownership information.

The deadline for comments is close of business on Friday, 9 December. All comments should be emailed to Policy Advisor Wlbur Welcome in the Department of Financial Services Policy and Legislation.

This consultation is intended to identify any major areas of concern with the draft bill. However, once the draft bill has been published in the Gazette, the usual 21-day public consultation period will commence, giving persons another opportunity to comment.

The background to the amendment is that in June 2013, the Cayman Islands and the other UK Crown Dependencies and Overseas Territories (CDOTs) agreed to assess if establishing central registers of the natural persons, who ultimately have beneficial ownership and control of companies, would allow tax collectors