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15.01.2015 01:11 Age: 63 days

Cayman Finance supports CIG’s beneficial ownership stance

On Monday, 5 January, Cayman Finance CEO Jude Scott welcomed the recent statement from the Cayman Islands Government (CIG) regarding the beneficial ownership changes being insisted upon by the UK, reports the Cayman Reporter.

“Cayman Finance supports the Government’s statement and its position that, after due consideration, it has determined that no change is necessary to Cayman’s already effective beneficial ownership system. Cayman’s system has been in place for years and already fulfills the FATF recommendations on how a country can comply with the global availability of information standard,” said Mr Scott.

“The changes that were being insisted upon were unreasonable and went far beyond globally accepted practices which would only serve to create unfair and unnecessary disadvantage and damage for Cayman’s financial services industry,” he added.

Mr Scott, who was recently appointed CEO of Cayman Finance, said the Government and the financial services industry recognise Cayman’s important role in the global financial market. Cayman has consistently evolved and maintained its practices to meet robust, balanced and globally implemented standards for regulation and cross border cooperation that apply equally to G20 countries and all International Financial Centres.