80% say no to beneficial ownership register

(CNS Business): Government released a report Tuesday on the public consultation it carried out earlier this year regarding how the jurisdiction should tackle the issue of access to who really owns offshore entities registered in the Cayman Islands. The report revealed that over 80% of the people and organizations that responded do not believe Cayman needs a central register with public access and opted for the status quo, leaving the collection of information to the corporate service providers. Most of those who took part in the consultation said a publicly accessible central registry would create a significant financial burden, violate privacy and information security and put the offshore industry at risk. Read more on CNS Business