In response to global developments in financial services, the
Cayman Islands Government today published three bills that further
strengthen our compliance with international standards.
The bills are The Companies (Amendment) (No. 2) Bill, 2018;
The Local Companies (Control) (Amendment) Bill,
2018; and The International Tax Co-Operation (Economic
Substance) Bill, 2018.
They were produced following the Ministry of Financial
Services' in-depth consultation with Cayman's local
financial services industry, Cayman regulators, the OECD and the
European Union. The Financial Services Ministry also joined the
Ministry of Commerce to consult with Cayman's commerce
stakeholders.
'Since January this year, many representatives from more
than 15 financial services and commerce associations, as well as
Government stakeholders outside of the Ministry of Financial
Services, have participated in this consultation. This breadth
allowed Government to ensure that our legislation is
