Premier Juliana O’Connor-Connolly presented changes to beneficial ownership legislation to parliament when it met for the last time before the elections. While the Beneficial Ownership Transparency (Amendment) Act, 2024 was passed less than a year ago, the government continues to rework the law to help shape this delicate new regime that allows increasing access to the details of who owns what offshore entities registered in the Cayman Islands.
The law helps the jurisdiction comply with the ever-evolving international standards and ultimately protects the lucrative financial service sector.
The bill states that the amendment to the principal act is to modify the meaning of “beneficial owner” and to provide other enhancements to ensure the sustained effectiveness of the beneficial ownership
transparency legislative framework.
As she explained the need for the changes, O’Connor-Connolly, who took on the financial services portfolio in November after three members of her Cabinet resigned, said that work continued on the bill after it was originally steered through parliament and the government continued to speak with stakeholders in the industry.
During that engagement process, amendments were highlighted by those who had begun using the law to bring clarity to certain aspects of it, she said as she explained some of the changes and why they were needed. She said that these latest amendments have been well-received, especially those that impact the trust sector.
The bill also adds Customs and Border Control to the list of competent authorities that can access the beneficial ownership register.
The premier also indicated that more changes will come as the UK is still keen to see the territories roll out public registers. However, until things change, this jurisdiction remains committed to allowing only those with a legitimate interest to access beneficial ownership information, she said.
The PPM members of the opposition supported the bill, but independent opposition member Chris Saunders voted against it. He said he would continue to object to this legislation until it becomes the international norm and there is a clear level playing field.
Saunders also raised concerns about the access that journalists now have to beneficial ownership information after the most recent set of amendments to the bill was passed at the end of last year.
These latest changes will not come into effect until after the relevant regulations have been drafted. The governor will then give assent to the bill.
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