Grand Cayman, 7 August 2024 – With the commencement<https://www.gov.ky/publication-detail/beneficial-ownership-transparency-act,-2023-(commencement)-order,-2024-(lg26,-s1)> of the Beneficial Ownership Transparency Act, 2023; and the Beneficial Ownership Transparency Regulations, 2024, the Cayman Islands is again advancing our AML/CFT regime proactively and reinforcing our commitment to combat money laundering and terrorist financing locally and globally.

In addition to the Act<https://legislation.gov.ky/cms/images/LEGISLATION/PRINCIPAL/2023/2023-0013/BeneficialOwnershipTransparencyAct2023_Act%2013%20of%202023.pdf> and Regulations<https://www.gov.ky/publication-detail/beneficial-ownership-transparency-regulations,-2024-(lg26,-s11)>, Guidance on Complying with Beneficial Ownership Obligations<https://www.ciregistry.ky/wp-content/uploads/dlm_uploads/Beneficial-Ownership-Transparency-General-Guidance-Final.pdf> is available on the General Registry’s website.

To enhance compliance, the Act and Regulations bolster the efficiency and effectiveness of our beneficial ownership framework, and provide clarity for all users (both private sector and public sector).

Importantly, the legislation also aligns with enhanced Recommendation 24 of the Financial Action Task Force (FATF) global standard, ensuring that competent authorities locally and globally have access to adequate, accurate and current information on beneficial owners of companies.

Stakeholders have responded positively overall to the Act, Regulations and Guidance, as a result of the Ministry’s extensive consultation with industry, the public, government partners and international entities over the past three years.

Industry members are to suspend filing beneficial ownership information under the previous framework until the Ministry notifies them to recommence filing under the new framework. Enforcement relating to the new requirements in the framework will be suspended until early next year.