News

Recognising the shared intent to support a responsible, transparent global financial system, the Cayman Islands has updated our 2019 commitment to the UK by introducing plans to enhance our beneficial ownership framework by the end of 2024, to continue the fight against illicit financial flows.

"We recognise that the UK continues to champion anti-money laundering and counter-terrorist financing efforts," said the Hon. André Ebanks. "As such, the Cayman Islands greatly values our partnership with the UK, along with our sister Overseas Territories and Crown Dependencies, to protect the global financial system and the public from criminality and illicit financial flows."

Over the course of 2024, the Ministry of Financial Services and Commerce will work with relevant stakeholders to allow the introduction of an enhanced beneficial ownership framework under the new Beneficial Ownership Transparency Act, which was published today.

"This framework will make strides towards greater transparency, in accord with the updated commitment to the UK and also to prepare for the Financial Action Task Force's 5th Round of Mutual Evaluations," the Deputy Premier said.

Both the Financial Action Task Force and the UK Government recently recognised the effectiveness of the Cayman Islands' framework to fight illicit activity, including through the Russia Sanctions Framework.

A "beneficial owner" is an individual who ultimately owns or controls an entity. In addition to money laundering and terrorist financing, beneficial ownership information is used to fight tax-related illicit activities.