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Cayman Islands commitment with global AML fight

The Cayman Islands continue taking several steps towards transparency, including the newly created regimes for beneficial owner registration and for substance as key element for tax domiciliation.

The commitment for registration and holding a public register of beneficial owners will take place by 2023, while the rules of substance are already applicable.

This action has been noted as an example to follow by Global Witness, inviting other British overseas territories to implement similar measures.

The British Virgin Islands have started similar changes after the invitation by the UK to ensure implementation by 2023.

The British police noted that criminals were increasingly moving away from crown dependencies, while in the Cayman island this was not always the case as complex structures continued to be using the islands financial and trust system.

Source

https://www.reuters.com/article/us-cayman-regulations-shellcompanies/cayman-islands-joins-global-money-laundering-crackdown-idUSKBN1WO1SX

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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