This stance was reiterated during a UK Joint Ministerial Council with the Overseas Territories (the JMC), held in London from 20 to 21 November 2024. The Cayman delegation at the JMC was led by Premier Juliana O'Connor-Connolly. Participation at the JMC also included UK Prime Minister Keir Starmer and other senior figures of the UK Government.

The Cayman Islands position is essentially a response to the 2022 EU Court ruling (Sovim v Luxembourg) which acknowledges access to ownership information only where there is a "legitimate interest." While global standards for legitimate interest access (LIA) are still being developed, the Cayman Government has emphasised the need for a careful balance between transparency and privacy rights, particularly in the context of anti-money laundering and sanctions legislation.

The release further notes substantial developments to the Beneficial Ownership Transparency Act (BOTA), which seeks to consolidate previous legislation and enhance verification measures. BOTA is itself designed to support international compliance, ensuring swift access to ownership information for law enforcement, government agencies, financial institutions, and regulated entities.

The official press release can be found here.

Our recent blog posts on the Beneficial Ownership Transparency Act can be found here and here.

Our previous blog on Sovim v Luxembourg  is here.