By : Mossack Fonseca- Cayman Premier Rejects UK Request for BO Information
Alden McLaughlin, the premier
of the Cayman Islands, has denied the UK’s
request for direct access by its law enforcement agencies to beneficial
ownership (BO) information in the Cayman Islands
Premier McLaughlin indicated
in his 26 November 2015 Premier's Statement on Beneficial Ownership: “The
information concerned does not belong to the Cayman Islands Government. It is
the property of the owners of the respective
legal entities. Further, as far as we are aware, there is no country in the
world that allows unrestricted access to beneficial ownership information by
the law enforcement agencies of another country”.
The Premier made it clear that
there is already an effective
process that allows overseas law enforcement authorities to access
beneficial ownership information. He stated that the process is carefully
administered to ensure legality, accuracy, and compliance with existing global
standards.
The Premier summarized his statement as follows:
1. We will not agree to a
public register unless and until that becomes the global standard and all of
our competitors also subscribe to that standard.
2. We will not agree to
unfettered access to Cayman Islands beneficial ownership information by external
law enforcement, tax or regulatory authorities. Requests for such information
must continue to meet established criteria and be dealt with by the relevant
Cayman Islands authorities established for that purpose and approved as being
in accordance with global standards.
Source: Cayman Islands Government: Premier's Statement
Mossack Fonseca & Co. - Office Profile
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