Central Beneficial Ownership Registry: A Cayman Perspective

As UK politics in 2015 moved towards the May general election, it was little surprise that the issue of beneficial ownership and the introduction of a central registry for the main offshore financial centres, returned to the political agenda. With the main parties battling a tight contest, the opportunity to shift the spotlight to 'tax havens' as hiding places for elusive corporate profits, provided plenty of sound bites for politicians in the run up to the election, with little regard for the flaws in the UK proposed system, the absence of similar reporting in other leading economies or the merits of beneficial ownership collection systems in IFCs, particularly the Cayman Islands.