On 16 July 2020, CAY GVT issued statement on beneficial ownership register.
- CAY GVT welcomed UK GVT recognition of work from British overseas territories (BOT).
- On establishing publicly accessible registers, to disclose company beneficial ownership.
- Follows UK GVT July 2020 statement on BOT beneficial ownership register.
- Cayman significantly strengthened and enhanced its beneficial ownership (BO) regime.
- With advanced platform for managing beneficial ownership information held centrally.
- Powers of BO competent authority enhanced to verify beneficial ownership information.
- They may request additional information, and introduce penalties for non-compliance.
- Verification powers augment the quality assurance measures taken by the jurisdiction.
- Noted that BO data has initially been verified by trust and company service providers.
- The threshold for beneficial ownership reporting has been broadened to 25% or more.
Powers for Non-Compliance
- Corporate service providers are given powers to pursue clients for non-compliance.
- An administrative fines regime is introduced, with a breach of obligations incurring a $5,000 fine, with a further $1,000 penalty every month until the issue is rectified.
- BO Registrar can strike a company off the register for non-payment for over 90 days.