Beneficial Ownership Transparency (Amendment) Bill, 2024

Government bill, sponsored by the Ministry of Financial Services and Commerce

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Gazetted
Published in the Gazette
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Introduced
31 January 2025
First appeared on the order paper
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Passed
6 February 2025
Third reading
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Enacted
19 February 2025
Act 3/2025
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In force
19 February 2025

What this law does

This bill amends the Beneficial Ownership Transparency Act, 2023 in the Cayman Islands. It refines who counts as a beneficial owner and expands who must be identified (including senior managing officials and trustees), while allowing the Customs and Border Control Service, some licensed financial institutions and foreign authorities to access the beneficial ownership search platform, and shielding records of those searches from Freedom of Information requests.

  • Requires legal persons and corporate services providers to identify a senior managing official (or trustee) when no registrable beneficial owner exists, and clarifies the contact person rules.
  • Adds non-profit organisations registered under the Non-Profit Organisations Act and certain designated companies to the list of entities exempt from the Act.
  • Expands access to the beneficial ownership search platform to the Customs and Border Control Service, certain public entities, foreign beneficial ownership authorities, and licensed financial institutions and designated non-financial businesses (with limited data fields), and requires logging of all access.
  • Makes records of access to the beneficial ownership register exempt from disclosure under the Freedom of Information Act, and requires corporate services providers to keep records for five years after a beneficial owner or official leaves their role.

Who it affects: legal persons (companies and other entities), corporate services providers, trustees, senior managing officials, non-profit organisations, licensed financial institutions, designated non-financial businesses and professions, Customs and Border Control Service, foreign beneficial ownership competent authorities, liquidators, members of the public seeking Freedom of Information access

This summary is AI-generated from the official document and may contain errors; it is not legal advice. Always consult the source text below.

Official documents

Debated in Parliament

Hansard sittings whose records mention this law:

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