Tag: beneficial ownership

UK-Cayman beneficial ownership deal more secure than register

UK-Cayman beneficial ownership deal more secure than register

| 02/05/2016 | 1 Comment
(CNS Business): The system agreed by the UK and the Cayman Islands over how beneficial ownership information will be shared with the relevant authorities is safer than a centralised public register because the new platform for access will not require information to be aggregated in one place, which [...]

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Corbyn queries Cayman’s celebration over UK deal

Corbyn queries Cayman’s celebration over UK deal

| 13/04/2016 | 8 Comments
(CNS Business): The fact that the Cayman Islands has welcomed the recent agreement with the UK over how it will share beneficial ownership details with British law enforcement and tax authorities was used against Prime Minister David Cameron this week by the opposition leader in the British parliame [...]

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Industry body embraces new BO regime

Industry body embraces new BO regime

| 12/04/2016 | 2 Comments
(CNS Business): Cayman Finance, the association representing the local financial services sector, has offered its support to government’s deal with the UK over an enhanced regime for sharing information about the real owners of offshore financial entities. Cayman Finance CEO Jude Scott said they h [...]

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UK-Cayman sign deal on beneficial ownership

UK-Cayman sign deal on beneficial ownership

| 11/04/2016 | 0 Comments
(CNS Business): After almost three years of talks, the UK and Cayman governments have signed a deal on the framework outlining how the information on the beneficial owners of offshore entities will be given to the British authorities. For now, Cayman has avoided the need for a public central registe [...]

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Cayman still hopeful it can avoid central register

Cayman still hopeful it can avoid central register

| 06/04/2016 | 4 Comments
(CNS): Senior UK officials who visited the Cayman Islands in February to discuss the issue of beneficial ownership reiterated Britain’s position that it could impose its preferred approach on the islands, which is an open central register, through legal means, the Financial Services Ministry state [...]

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Cayman’s compliance vastly superior to Panama’s

Cayman’s compliance vastly superior to Panama’s

| 05/04/2016 | 7 Comments
(CNS Business): The biggest tax leak in history, which revealed how a law firm in Panama helped thousands of people, including a number of world leaders, evade tax and hide money offshore, has up ramped calls for the UK government to increase the pressure on the British overseas territories (BOTs), [...]

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Industry body helping CIG dodge public register

Industry body helping CIG dodge public register

| 04/03/2016 | 3 Comments
(CNS Business): With the threat still looming that the UK could force the Cayman Islands and other overseas territories to introduce a publicly accessible beneficial ownership register, Cayman Finance has said it is working with government on the technology to help satisfy the access demands without [...]

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Cayman details alternative to open beneficial owners register

Cayman details alternative to open beneficial owners register

| 26/02/2016 | 4 Comments
(CNS Business): Financial Services Minister Wayne Panton has been in discussions with UK officials about alternatives to the controversial central public register of beneficial ownership that will still meet the British government’s transparency requirements for its territories. Panton updated re [...]

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Central public register may be inevitable

Central public register may be inevitable

| 14/12/2015 | 1 Comment
(CNS Business): If public central registers become the global standard for access to beneficial ownership of commercial and financial entities then Cayman will inevitably have one as well, but the Cayman Islands will not go out on a limb and be the first, Financial Services Minister Wayne Panton has [...]

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UK wants direct access to Cayman company info

UK wants direct access to Cayman company info

| 27/11/2015 | 2 Comments
(CNS): The UK’s overseas territories minister has told the Cayman Islands premier that the British government wants direct access to companies registered here for all of their law enforcement agencies, but the Cayman leader has so far refused. As the dispute between the UK and its territorie [...]

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Duddridge to press for open register

Duddridge to press for open register

| 20/11/2015 | 5 Comments
(CNS): As the Cayman Islands premier and other leaders of British overseas territories (BOTs) continue to resist the concept of an open beneficial ownership registry to meet the UK’s demands for more transparency regarding the offshore sector, the FCO minister with responsibility for BOTs has sa [...]

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$51B of US corporate profit held in Cayman, says report

$51B of US corporate profit held in Cayman, says report

| 07/10/2015 | 4 Comments
(CNS Business): The latest report on the use of tax havens making headlines around the world claims that $51 billion of corporate profits for Fortune 500 companies made in 2014 is held in the Cayman Islands. Describing Ugland House in George Town as a symbol of the “excesses of the world of corpo [...]

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UK continues to press for beneficial ownership registry

UK continues to press for beneficial ownership registry

| 01/10/2015 | 0 Comments
(ukukCNS): The British Prime Minister has stated that not enough is being done to tackle tax evasion by the UK’s overseas territories. Speaking during a trade mission to Jamaica, David Cameron said he is not happy with the way some British overseas territories are resisting financial transparency [...]

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UK and Cayman agree on beneficial ownership principle

UK and Cayman agree on beneficial ownership principle

| 31/08/2015 | 0 Comments
(CNS Business): The stand-in overseas territories minister has indicated that the UK and the Cayman Islands are in agreement over beneficial ownership, despite indications that the British government is still pushing for a central register. On a short visit to Cayman last week, Grant Shapps said he [...]

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OTs still face UK demands for beneficial ownership access

OTs still face UK demands for beneficial ownership access

| 27/07/2015 | 0 Comments
(CNS): The Cayman Islands premier has said that Britain will be putting its overseas territories under pressure to create some kind of beneficial ownership register when the OT leaders meet in London later this year. Speaking in Bermuda at the end of last week following a meeting with the leade [...]

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