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.