JMC opens but no word on sideline discussions
Premier Alden McLaughlin at JMC session in London
(CNS): During this year’s Joint Ministerial Council with the UK and the British overseas territories, leaders have been discussing climate change and energy, education and skills, health and sports. But there is no news yet from London regarding Premier Alden McLaughlin’s discussions with the British government over beneficial ownership and the pressure for Cayman and other BOT financial centres to offer the UK direct access to its offshore industry.
The meeting being is hosted at Lancaster House by James Duddridge, the Foreign and Commonwealth Office minister with responsibility for Britain’s remaining territories. He recently signalled that the UK wants far greater access to commercial entities registered in Cayman than had been indicated by his acting predecessor, Grant Shapps, who recently resigned from the British government over problems of bullying in the Conservative party.
While the question of transparency and beneficial ownership access to offshore firms was not on the main agenda, the premier had said it would be the subject of sideline meetings with Duddridge scheduled for Monday. The outcome of those discussions has not yet been revealed, though the premier committed to not moving on his objection to the UK minister’s request for direct access before leaving.
Dealing with the wider issues in the territories, during the first day of the main JMC meeting the UK emphasized its own focus on creating more apprenticeships in partnership with the private sector and encouraged the BOT’s to explore such an approach.
On Tuesday evening, BOT heads of government were invited to a private dinner hosted by Minister Duddridge, who was joined by Desmond Swayne, Minister of State for the Department of International Development, who has replaced Shapps.
The plenary meetings conclude today.
Category: Politics
It is interesting, is it not, that HMG do not feel inclined to point out to their US buddies in the “Special Relationship” that Delaware, Wyoming and Nevada are not expected to maintain beneficial ownership information whatsoever for tax authorities or law enforcement?
In addition to existing commitments as a pioneering adopter of FATCA and CRS global tax transparency rollouts, Cayman should make it easy, via an online portal, for any paying customer to verify the good standing of a company, particulars of directors, and location of registered office. At least that way, anyone with a sufficient gripe can knock on the correct office doors using existing available channels. Those with CI companies would have to keep them paid up, benefiting the General Registry. That level of transparency would put CI on par with the most transparent of leading jurisdictions in the western world – none of whom publish shareholder registries of private companies.
Certificate of good standing, certificate of incumbency (list of directors and officers) and name and addresses of registered office are already available almostly instantly from Refistrar of Companies for a fee of CIdlrs. 100-125. Beneficiall ownership is given once the applicant can make a case for their right to know. Beneficial ownership cannot be open on line for anyone to browse especially in this time of cyber crime. If England or any other country has a ligitmate need to know it can be available in due course through the courts. This is up there with allowing the entire public to be able to peep into your personal savings account just because the want to.
Anthony Travers should be the one talking to the UK government, not Alden or any MLA.
A uniform procedure for direct access of beneficial ownership information for OTs needs to be imposed from London.
Perhaps London should open up their beneficial owner ships first. Don’t you think?? Sounds like you could be a Brit- do they have access to your assets?? Just wondering.