Beneficial ownership register would ‘cripple’ markets

| 04/03/2014

(CNS Business): The Cayman Islands Law Society (CILS) has said that the mechanism by which beneficial ownership information can already be obtained is sufficient and there is “absolutely no need to jeopardise the privacy of legitimate business” by allowing full public access to confidential information with a publicly accessible register. In its submission to the Financial Services Ministry regarding the consultation paper on the issue, the Law Society presented a raft of arguments against the register, including costs, which would “cripple all financial markets (onshore and offshore)”. All points made by the CILS were endorsed by the Chamber of Commerce in its own submission to the ministry, which urged government "to oppose vigorously any attempt to introduce a public register of beneficial ownership information." Read more on CNS Business

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