The deadline for the public to respond to the Cayman Islands Government’s consultation on beneficial ownership legislation has been extended to 5 pm Monday, 18 October 2021.
This is Government’s first public consultation on these beneficial ownership proposals, which are pertinent to all entities operating in the Cayman Islands. Further public consultation will take place as the legislative process continues.
A “beneficial owner” is a person who ultimately owns or controls an entity, although the entity may be held in another name.
Central to Government’s proposals is consolidating Cayman’s beneficial ownership legislation into one single act, to further improve the legislation’s effectiveness in fighting financial crime.
The Ministry of Financial Services and Commerce is conducting the consultation.