Cayman Islands launches public consultation on Beneficial Ownership Transparency Regulations
The key regulations:
- Legitimate Interest Access Regulations, 2024 (LIA Regulations)
- Access Restriction Regulations, 2024
The LIA Regulations outline the conditions under which members of the public, with a legitimate interest, can access beneficial ownership information. This access is limited to cases where there is evidence of a connection to money laundering or terrorist financing. Legitimate interest groups include journalists, researchers, and organisations involved in anti-money laundering efforts.
The Access Restriction Regulations allow individuals to apply for protection from public disclosure if revealing their association with a legal entity would put them or their families at serious risk of harm.
These regulations have been shaped by public consultations dating back to 2021, feedback from industry stakeholders, and international legal developments, including the European Court of Justice's 2022 ruling on the balance between public access and privacy rights. Responses to this consultation must be submitted via email by 25 October 2024.
This consultation forms part of the Cayman Islands’ broader commitment to align with evolving global standards on transparency and beneficial ownership.
The official consultation can be found here.
The Beneficial Ownership Transparency (Legitimate Interest Access) Regulations, 2024 can be found here and the Beneficial Ownership Transparency (Access Restriction) Regulations, 2024 here.
A summary of the feedback received during the August 2024 consultation of the Beneficial Ownership Transparency (Access Restriction) Regulations, 2024 can be accessed here.
