(CNS): A recent ruling from the European Court of Justice (ECJ) may have implications here in the Cayman Islands as the authorities prepare legislation to pave the way for public beneficial ownership registers for offshore entities. The court found that the idea of a public beneficial ownership register to prevent money laundering constitutes a serious interference with the fundamental rights to private life and the protection of personal data. The case was brought by a Luxemburg business after that country adopted the European Union directive for a public register.
Given the pressure from the UK and shifting global standards, the Cayman Islands Ministry of Financial Services is in the process of preparing draft legislation to consolidate beneficial ownership legislation into one law. This includes a proposed approach to introduce public beneficial ownership registers here in line with the request of the United Kingdom.
Officials from the…
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