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Articles by Alan Craig
Changes To The Cayman Islands Beneficial Ownership Regime
Following our advisory issued on 11 October 2023, the Beneficial Ownership Transparency Act, 2023 (the "Act") and the Beneficial Ownership Transparency Regulations, 2024 (the "Regulations") were brought into force on 31 July 2024 (the "Commencement Date").
Amendments To The Cayman Islands Companies Act
On 11 March 2024, the Companies (Amendment) Act, 2024 was gazetted (the “Amendment Act”). The purpose of the Amendment Act is to make the following innovative commercial enhancements to the Companies Act (as revised) (the “Act”) as the Cayman Islands continues to thrive as a globally respected financial centre of excellence in the face of evolving market dynamics.
Removal Of The Cayman Islands From EU And UK AML Lists
Following the Cayman Islands removal from the Financial Action Task Force's Grey List of jurisdictions subject to increased monitoring in relation to anti-money laundering ("AML") and countering the financing of terrorism ("CFT") in October 2023 (further detail on which is available here), on 18 January 2024 the European Union updated its own list of high risk third countries and, as anticipated, the Cayman Islands was removed from this list. This will take effect in early February.
Cayman Islands Removed From FATF
On 27 October 2023, the Financial Action Task Force (“FATF”) announced at its plenary in Paris that the Cayman Islands would be removed from its anti-money laundering “grey list” as the FATF has determined that the Cayman Islands AML regime now meets the international standard.
The Beneficial Ownership Transparency Bill, 2023
On 30 August 2023 the Beneficial Ownership Transparency Bill, 2023 was gazetted (the "Bill"). The Bill has been the subject of extensive consultation with industry stakeholders, members of the public, government partners, and international entities, particularly to ensure that the existing beneficial ownership regime in the Cayman Islands (further information on which is available here (the "Existing BoR") is aligned with current international standards.
Cayman Islands And BVI Economic Substance Requirements Extended To Partnerships
Cayman Islands: Cayman Islands And BVI Economic Substance Requirements Extended To Partnerships 13 July 2021 by John Wolf (Grand Cayman) , Alan Craig (Grand Cayman), Robert Searle (Grand Cayman), Richard Spencer (Grand Cayman) and Simon Thomas (Grand Cayman) Campbells Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com.
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