Beneficial Ownership Consultation Launched

The Ministry of Financial Services is inviting public comments on its proposals to reshape Cayman's beneficial ownership legislation, including by creating a single act to make the legislation more effective in fighting crime.

See below from the Ministry of Financial Services:

The Ministry of Financial Services asks industry associations, and the general public, to respond to its consultation paper titled Enhancement of the Beneficial Ownership Framework.  The four-week consultation was issued today, and it will close on Monday, 4 October.

The consultation paper seeks input into Government's proposed changes to the framework, including: the creation of a single Act for beneficial ownership, in line with other jurisdictions such as the Bahamas, the Isle of Man, Guernsey, Jersey, and the British Virgin Islands; the proactive inclusion of limited partnerships and exempted limited partnerships into the framework; requiring additional data reporting, including