Caymans To Reveal Corporate Owners Amid AML Crackdown
Law360, London (October 10, 2019, 1:19 PM BST) -- The Cayman Islands will disclose the true owners of companies domiciled in the territory by 2023, in a bid to combat money laundering and meet transparency standards under incoming European Union rules.
The British overseas territory said Wednesday that it will introduce a public register showing the beneficial owners of companies by 2023. The register will align the Cayman Islands with Europe’s scheduled fifth Anti-Money Laundering Directive, which requires countries to disclose shareholders owning more than 25% of any company within their jurisdiction.
The Caribbean territory does not charge corporate tax, making it a popular destination for companies to create offshore...
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