Cayman commits to public register of beneficial ownership

The Cayman Islands government has announced that it intends to introduce a public register of beneficial ownership of all financial entities domiciled by 2023. The required legislation is expected to be introduced in 2022 and will bring Cayman in line with evolving standards and international obligations such as those reflected in the principles of EU 5th Anti Money Laundering Directive. The government had previously said it would only make this type of information public if it became an international standard. The issue caused considerable controversy when the UK parliament passed an...