New legislation tightens up trust sector

| 27/08/2019 | 1 Comment
Cayman News Service

(CNS): Two pieces of legislation have now come into force that will tighten up the regulatory regime for the management of private trusts and their administrators. The Private Trust Companies (Amendment) regulations, 2019 provides clearer definitions for terms given to those involved in the administration of trusts, while the Trusts (Transparency) Regulations, 2019 lists the information that must be maintained and updated by a trustee for a trust constituted under Cayman law.

Officials from the Ministry of Financial Services explained that the new legislation supports the recent measures to enhance transparency, such as disclosure requirements, for the trusts sector. The new legal framework also addresses the Caribbean Financial Action Task Force (CFATF)’s recommended action Cayman needed to take to strengthen the AML/CFT regime.

The jurisdiction is under a one-year “Observation Period” by the Financial Action Task Force (FATF), ending February 2020, in which it is expected to correct the AML/CFT strategic deficiencies. The FATF will review the progress made by the jurisdiction next June to determine if positive and tangible progress has been made.

Over the past five months, the AML/CFT regime in Cayman has been strengthened by the passage of 14 laws which are as follows:

  • Banks and Trust Companies (Amendment) Law, 2019
  • Trusts (Amendment) (No. 2) Law, 2019
  • Companies (Amendment) Law, 2019
  • Limited Liability Companies (Amendment) Law, 2019
  • Limited Liability Partnership (Amendment) Law, 2019
  • Mutual Funds (Amendment) Law, 2019
  • Insurance (Amendment) Law, 2019
  • Building Societies (Amendment) Law, 2019
  • Cooperative Societies (Amendment) Law, 2019
  • Money Services (Amendment) Law, 2019
  • Trade and Business Licensing (Amendment) Law, 2019
  • Proceeds of Crime (Amendment) Law, 2019
  • Securities Investment Business (Amendment) Law, 2019
  • Directors Registration and Licensing (Amendment) Law, 2019.

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Category: Business, Financial Services

Comments (1)

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  1. Anonymous says:

    The gentleman in the thumbnail with a joint in his mouth (taken in the year 2042) is actually the first Caymanian to open a recreational cannabis dispensary & lounge on Seven Mile Beach.

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We have created a new system to help us address questions we receive from the public for the press briefings. We are getting hundreds every day and it’s impossible to read and deal with them while the PB is in process as there are a lot of moving parts to being able to do the Zoom meeting, take notes and respond to their info in real time.

So we are asking people to send their questions each day BEFORE NOON to: covid-questions@caymannewsservice.com

This will give us a chance to read, sort and consolidate the questions so that we get to the issues that people are most concerned about.

Thanks for your help. In the meantime the ones you have sent will be sorted and collated.