Disclosure Requests - A Jurisdictional Comparison

Given the increasing global drive towards transparency and the cross-border sharing of information, trusts and corporate service providers are now more regularly the recipients of requests, demands, and orders compelling the production of information held on their books.

In addition to the traditional approach of obtaining disclosure orders from a local court, claimants (including governmental bodies) are relying on new tools such as Unexplained Wealth Orders and enforcing new reporting obligations in legislative initiatives such as the Common Reporting Standard and beneficial ownership registers.

Navigating these requests can be a minefield for the recipient, and the steps to be taken can differ depending on whether the recipient is located onshore (for example, in the United Kingdom) or offshore (such as in the Cayman Islands).