Most Read Contributor in Cayman Islands, September 2016
As an outcome of a visit to Cayman in February by senior UK
officials, the Cayman Islands Government is finalising with the UK
an Exchange of Notes that outlines the joint commitment of the UK
and Cayman to the sharing of beneficial ownership information for
law enforcement and tax authority purposes.
Cayman notes that while discussions on the Exchange of Notes
proceeded, the UK reiterated its previous statements that it could
impose its preferred approach through legal means.
However, based upon the advanced nature of the discussions to
date, we believe it is possible to agree on an Exchange of Notes
that is in line with current global standards. We also believe it
is possible to agree on a Technical Protocol, which would make the
Exchange of Notes operational within our law enforcement and tax
The UK is negotiating similar Exchanges of Notes with each
Overseas Territory and Crown Dependency. For Cayman, the Exchange
of Notes confirms our commitment to the following criteria.
The UK (via a designated point of
contact in the Cayman Islands) and domestic law enforcement and tax
authorities must be able to access company beneficial ownership
information without restriction, subject to relevant
These competent authorities should be
able to quickly identify all companies that a particular beneficial
owner has a stake in, without needing to submit multiple and
Companies or their beneficial owners
must not be alerted to the fact that an investigation is under
It is the UK's intent to have all of the Exchanges of Notes
and the Technical Protocols with the OTs and CDs signed in advance
of the Prime Minister's Anti-Corruption Summit in May. To
accommodate this timeframe, the UK initially set four weeks to
conclude all discussions; when it became apparent that more time
was needed to review the Technical Protocols, the deadline was
extended to Wednesday, 6 April.
Subject to further input from the UK, Cayman believes it can
meet this deadline, as we already demonstrated our proposed
centralised platform for the enhanced sharing of beneficial
ownership information during the UK's February visit.
Considering the progress that has been made on this complex
subject in the timeframe given, Cayman reaffirms its commitment to
finalising an agreement with the UK on the Exchange of Notes and
the Technical Protocol, which further enhances the sharing of
beneficial ownership information among our respective law
enforcement and tax authorities.
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