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Transparency Initiatives in the
Cayman Islands
Mr. Dax Basdeo, PhD Chief Officer
Ministry for Financial Services
Cayman Islands Government
20th June 2016
Overview
• Transparency – Principles vs. Mechanisms
• Principles
– Adequacy
– Accuracy
– Timeliness
• Mechanisms
– Issues for debate and discussion
Cayman’s Commitments
• 36 TIEAs
• Multilateral Convention on Mutual
Administrative Assistance in Tax Matters
• US FATCA
• UK FATCA
• OECD’s Common Reporting Standard
• EOI for Beneficial Ownership with the UK*
• Initiative for Automatic EOI for BO
Beneficial Ownership
Transparency
• FATF 24: Countries should ensure that there is
adequate, accurate and timely information on the
beneficial ownership and control of legal persons
that can be obtained or accessed in a timely
fashion by competent authorities
• G20: improve implementation, including
availability and exchange
• “[A public] registry itself is not a solution if it is
not properly fed with information” – Pascal Saint-
Amans
Cayman Model for BO EOI
TCSP
LCA FCA
FCA
FCA
FCA
LCA
LCA
LCA
Legal Entity Gov’t Register
Competent Authorities
- Tax
- Regulatory
- Law Enforcement
- Fin. Intelligence Unit
Local Foreign
Trust and Corp
Services
Providers
BO EOI - Adequacy
TCSP
LCA FCA
FCA
FCA
FCA
LCA
LCA
LCA
• Basic info, BO info
• Types of entities
• Exemptions
• Threshold for disclosure
Cayman:
• Retrospective due diligence
• 10% vs. 25% Int’l Standard
• Abolished bearer shares
BO EOI - Accuracy
TCSP
LCA FCA
FCA
FCA
FCA
LCA
LCA
LCAverification consistency
query specification
Cayman:
• Regulatory sanctions incentivise TCSPs
• Strengthening DNFBPs
• Guidance to FCAs
BO EOI – Timeliness
TCSP
LCA FCA
FCA
FCA
FCA
LCA
LCA
LCAtimely updating
• disclosure rules
• turnaround time
• on request; automatic; spontaneous
Cayman:
• Confidential Information Disclosure Law
• Tightening eligible introducer regime – 1 week
• Electronic reporting platform – < 24hrs
Need for further debate…
• Privacy vs. Secrecy
– Cultural acceptance
– Personal security
– Fair Treatment
• Due Process
• Speed of change
– Inclusiveness vs. exclusiveness
– Uniformity
• Data security

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Transparency Initiatives in the Cayman Islands

  • 1. Transparency Initiatives in the Cayman Islands Mr. Dax Basdeo, PhD Chief Officer Ministry for Financial Services Cayman Islands Government 20th June 2016
  • 2. Overview • Transparency – Principles vs. Mechanisms • Principles – Adequacy – Accuracy – Timeliness • Mechanisms – Issues for debate and discussion
  • 3. Cayman’s Commitments • 36 TIEAs • Multilateral Convention on Mutual Administrative Assistance in Tax Matters • US FATCA • UK FATCA • OECD’s Common Reporting Standard • EOI for Beneficial Ownership with the UK* • Initiative for Automatic EOI for BO
  • 4. Beneficial Ownership Transparency • FATF 24: Countries should ensure that there is adequate, accurate and timely information on the beneficial ownership and control of legal persons that can be obtained or accessed in a timely fashion by competent authorities • G20: improve implementation, including availability and exchange • “[A public] registry itself is not a solution if it is not properly fed with information” – Pascal Saint- Amans
  • 5. Cayman Model for BO EOI TCSP LCA FCA FCA FCA FCA LCA LCA LCA Legal Entity Gov’t Register Competent Authorities - Tax - Regulatory - Law Enforcement - Fin. Intelligence Unit Local Foreign Trust and Corp Services Providers
  • 6. BO EOI - Adequacy TCSP LCA FCA FCA FCA FCA LCA LCA LCA • Basic info, BO info • Types of entities • Exemptions • Threshold for disclosure Cayman: • Retrospective due diligence • 10% vs. 25% Int’l Standard • Abolished bearer shares
  • 7. BO EOI - Accuracy TCSP LCA FCA FCA FCA FCA LCA LCA LCAverification consistency query specification Cayman: • Regulatory sanctions incentivise TCSPs • Strengthening DNFBPs • Guidance to FCAs
  • 8. BO EOI – Timeliness TCSP LCA FCA FCA FCA FCA LCA LCA LCAtimely updating • disclosure rules • turnaround time • on request; automatic; spontaneous Cayman: • Confidential Information Disclosure Law • Tightening eligible introducer regime – 1 week • Electronic reporting platform – < 24hrs
  • 9. Need for further debate… • Privacy vs. Secrecy – Cultural acceptance – Personal security – Fair Treatment • Due Process • Speed of change – Inclusiveness vs. exclusiveness – Uniformity • Data security