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KENSINGTON HOUSE Dr. Roy’s Drive,George Town,
PO Box 10027, Grand Cayman KY1-1001, Cayman Islands
T. 345.946.2100
www.kensingtonmanagement.ky
CAPTIVE INSIGHT
Constitution provides a positive obligation
on the Government to protect a person’s
legitimate need for privacy with regard to
their financial affairs,” the Ministry said.
The Cayman Islands Government is not
opposed to having a public register,”
the Ministry continued. “However, public
registers do not exist in most countries and
Government’s position is that a public register
will not be introduced in the Cayman Islands
until such registers are adopted as the global
standard. Only EU countries are required to
introduce public registers by 2020, under the
5th Anti Money Laundering Directive.”
In terms of direct action, the Cayman Islands
Government said that the conflict with the
Cayman Islands Constitution, which provides
a positive obligation on the Government to
protect a person’s legitimate need for privacy
with regard to their financial affairs, means
that if necessary, the Government would
challenge the section of the UK Sanctions and
Anti-Money Laundering Act in the Cayman
Islands courts through an order in council.
“The Cayman Islands Government has long
recognised the importance of maintaining
beneficial ownership information, compiling
this information on a private register with
information only made available to law
enforcement agencies upon request to
satisfy their legitimate needs for access,
such as to carry out a law enforcement
investigation,” the Ministry of Financial
Services said.
Despite all the protests and assuming that
a full, public beneficial ownership registry
is introduced by the Cayman Islands in
2020, as demanded by the UK, the key
questions for now are how will that impact
the international insurance industry and
what will companies need to do. Firstly it is
important to note that under the current
regime, which was introduced in July 2017,
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