Tag: beneficial ownership
Tory peer’s costly advice off the mark
(CNS Business): The Conservative peer who was employed by the Cayman Islands Government to advise and lobby for its offshore sector in the UK appears to have been giving some poor advice. David McLean, known as Lord Blencathra, reportedly told CIG last year that the UK Prime Minister’s goal to clamp down on tax havens was […]
UK demands ownership registry
(CNS Business): UK leaders have been battling with British overseas territories and crown dependencies to “open their books” and comply with the demands to create a beneficial ownership registry, which would affect around 2.5 million companies. Now, offshore financial centres, including the Cayman Islands, are being told to end their fight against beneficial ownership and reveal the […]
Dart boss shares UK platform with premier
(CNS Business): Cayman’s leader, Premier Alden McLaughlin, was joined by the COO of Dart Enterprises at the House of Lords this week in promoting Cayman when he delivered a key-note address at the Caribbean Council reception. As McLaughlin sold the crowd on the benefits of investing in Cayman and the future projects government has planned, he […]
Cayman Finance open to engage Labour on ownership issue
(CNS Business): As the May election period for the UK approaches, the opposition Labour party remains adamant about enforcing a centralized and public beneficial ownership register on British territories if it forms the next government. CEO of Cayman Finance, Jude Scott, told CNS Business that everyone needs to be cognizant about the elections and said he welcomes discussions […]
CIMA denies getting Caledonian owners wrong
(CNS): The local regulator has stated that it is “well aware of the various parties in the ownership structure of the Caledonian group”, refuting claims by the Miami-based watchdog, OffshoreAlert, that CIMA had named the wrong beneficial owner in the liquidation petition. Meanwhile, liquidators are looking for a buyer for the bank which was brought […]
Cayman takes Miliband to task
(CNS Business): Accusing Ed Miliband, Leader of the British Labour party, of trying to distort the issue of beneficial ownership “in light of readily available, third-party assessments and factsâ€, Cayman’s finance minister said that the warning letter that he is reportedly sending to all British overseas territories has so far not been received.
Labour will demand public register for UK’s territories
(CNS): If the Labour party wins the UK general election in May, the Cayman Islands and other British overseas territories will be required to introduce publicly accessible beneficial ownership registries or face blacklisting. Ed Miliband has reportedly written to all of the UK’s overseas territories to warn them what he will expect should he be […]
Scott: UK demands on beneficial ownership unreasonable
(CNS): The new CEO of Cayman Finance has stated that he welcomes the position that the Cayman Islands Government is taking on the publication of beneficial ownership details on companies and funds registered here. Jude Scott said that the demands from the UK, which is seeking an open public access register, go too far.
80% say no to ownership register
(CNS Business): Government released a report Tuesday on the public consultation it carried out earlier this year regarding how the jurisdiction should tackle the issue of access to who really owns offshore entities registered in the Cayman Islands. The report revealed that over 80% of the people and organizations that responded do not believe Cayman […]
Reporters to get access to EU ownership register
(CNS Business): Investigative journalists and other concerned citizens with a “legitimate interest”, as well as law enforcement officials and legal authorities, will have access to the ultimate owners of companies listed in central registers in EU countries under a new agreement signed this week. The European Parliament and Council agreed on a draft EU anti-money […]
Cayman says no to public access to ownership
(CNS Business): The Cayman government, along with other affected British territories, has refused to introduce a centralised beneficial ownership register with public access. Premier Alden McLaughlin said Monday that he and Financial Services Minister Wayne Panton, with the support of other territory leaders, stood firm last week in London when on the last day of […]
Latest G20 summit holds no surprises for Cayman
(CNS Business): Following the G20 summit in Brisbane last week questions remain over how much the latest talks on global tax transparency will impact Cayman and other offshore jurisdictions. Despite the bluster from international politicians in the build-up to the summit over clamping down on multinational corporate tax dodging, illicit cash flows and jurisdictions that […]
Bermuda waits for level playing field on ownership register
(CNS Business): The Bermuda government has said it will not be creating a publicly available register of beneficial owners of firms domiciled there before the UK, the USA and Canada all adopt the same type of access. Despite receiving similar pressure as the Cayman Islands government from the UK to create a register that will be […]
Danes reveal plans for public company register
(CNS Business): The Danish government has announced that it will create a public registry of beneficial ownership information for all Danish companies as part of the widening global crackdown on money laundering, corruption, and tax evasion. Denmark’s plan follows the commitment by the British government that it would be creating a public registry of the beneficial owners […]
Recent comments