Alan Craig

Aug 21, 2024 | mondaq.com | Alan Craig |Robert Searle |Richard Spencer |Simon Thomas

Following our advisory issued on 11 October 2023, the Beneficial Ownership Transparency Act, 2023 (the "Act") and the Beneficial Ownership Transparency Regulations, 2024 (the "Regulations") were brought into force on 31 July 2024 (the "Commencement Date").

Mar 26, 2024 | mondaq.com | Alan Craig |Richard Spencer |Simon Thomas |Robert Searle

On 11 March 2024, the Companies (Amendment) Act, 2024 was gazetted (the “Amendment Act”). The purpose of the Amendment Act is to make the following innovative commercial enhancements to the Companies Act (as revised) (the “Act”) as the Cayman Islands continues to thrive as a globally respected financial centre of excellence in the face of evolving market dynamics.

Jan 31, 2024 | mondaq.com | Richard Spencer |Alan Craig |Simon Thomas

Following the Cayman Islands removal from the Financial Action Task Force's Grey List of jurisdictions subject to increased monitoring in relation to anti-money laundering ("AML") and countering the financing of terrorism ("CFT") in October 2023 (further detail on which is available here), on 18 January 2024 the European Union updated its own list of high risk third countries and, as anticipated, the Cayman Islands was removed from this list. This will take effect in early February.

Nov 3, 2023 | mondaq.com | Alan Craig |Simon Thomas

On 27 October 2023, the Financial Action Task Force (“FATF”) announced at its plenary in Paris that the Cayman Islands would be removed from its anti-money laundering “grey list” as the FATF has determined that the Cayman Islands AML regime now meets the international standard.

Oct 12, 2023 | mondaq.com | Alan Craig |Simon Thomas

On 30 August 2023 the Beneficial Ownership Transparency Bill, 2023 was gazetted (the "Bill"). The Bill has been the subject of extensive consultation with industry stakeholders, members of the public, government partners, and international entities, particularly to ensure that the existing beneficial ownership regime in the Cayman Islands (further information on which is available here (the "Existing BoR") is aligned with current international standards.