Caricom gives support to British Overseas Territories on public company ownership registers fight

  • Jul 11, 2018

Member states of the Caribbean Community, also called Caricom, have given full support to Cayman and the other British Overseas Territories in their ongoing battle against a move to force public company ownership registers upon those territories.

A May 1 vote in the U.K. House of Commons that amended Britain’s Sanctions and Anti-Money Laundering Bill inserted a requirement in the bill that all U.K. overseas territories – but not Crown dependencies – implement an open public register of company ownership by Dec. 31, 2020.

If that deadline is not met, the bill requires the U.K. Secretary of State to draft orders in council to force the territories to comply. Cayman already has a register of company ownership, but it is only accessible upon request to certain law enforcement or legal taxing entities.

READ THE ARTICLE by Cayman Compass

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