The Cayman Islands' Position On Beneficial Ownership

Grand Cayman, 21 November 2024 – The Cayman Islands looks forward to continued, reasonable cooperation with the UK on beneficial ownership transparency; and to introducing robust access to beneficial ownership information, based on legitimate interest protocols that align with evolving global standards and our constitutional obligations.

This position was affirmed by the Cayman Islands Government during the annual UK Joint Ministerial Council, held this year from 20-21 November. The Hon. Premier and Minister for Financial Services and Commerce, the Hon. Juliana O'Connor-Connolly, led the Government delegation.

Introducing legitimate interest protocols recognises that access to beneficial ownership information now extends beyond law enforcement to certain members of the public, based on the 2022 EU Court judgment (Sovim v Luxembourg). This judgment balances transparency with privacy rights, by requiring access to beneficial ownership information only where there