Cayman Islands has changed legislation to effectively combat money laundering. The head of the Ministry of Finance, Tara Rivers, stated that the novelty includes five packages of amendments. The government takes these measures to ensure that jurisdiction does not appear on the “black list” of countries with which it does not have an agreement on the exchange of tax information.
Prior to legislative amendments, some categories of funds avoided auditing. However, after the innovations, all organizations of this type will be required to pass an audit.
Also, funds that included 15 or fewer investors might not be registered with the Cayman Islands Financial Department (CIMA). But according to the new legislation, such funds will be forced to undergo this registration. The law gives them 6 months to finish the registration process. Funds that will avoid registration or provide false information will be fined $ 120,000.
Changes also affected companies. From now on, the rules for establishing the beneficiary have changed for them. For example, if before the company itself submitted information about the beneficiaries, now it is the responsibility of the registration agent. Registration agents will also maintain lists of registries and store documents of ultimate beneficiaries.
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