ARTICLE · 27 AUGUST 2019

Trust Regulations Take Effect

Cayman Islands Government

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The report outlines certain recommended actions to be taken by the Cayman Islands to strengthen the AML/CFT regime.

Cayman IslandsCorporate/Commercial Law

Ministry Of Financial Services

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Two pieces of legislation to clarify Cayman's regime for trusts are now in force, as the Private Trust Companies (Amendment) (No. 2) Regulations, 2019 and Trusts (Transparency) Regulations, 2019 were gazetted on Friday, 16 August.

The Private Trust Companies (Amendment) (No. 2) Regulations, 2019 provides clearer definitions for terms given to persons involved in the administration of trusts while the Trusts (Transparency) Regulations, 2019 lists the information that a person must maintain and keep updated when serving as a trustee for a trust constituted under Cayman law. Together, these regulations support the recent legislative measures to enhance transparency measures, such as disclosure requirements, for the trusts sector.

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