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Cayman Islands fines companies for not revealing beneficial owners

by FccedReporter, FCCED Financial Crimes News


The Registrar of Companies (RoC) has begun fining companies registered here that have failed to submit accurate information on their ultimate beneficiaries (beneficial owners) and ignored warning letters to do so, according to the Ministry of Financial Services. As of 1 February, the RoC had levied 19 administrative fines of $5,000 against companies for noncompliance with Cayman’s beneficial ownership regime, and if they fail to pay they will be removed from the companies register.

Head of Compliance Paul Inniss noted that the companies had all been warned about their obligations to reveal the ultimate owners to the authorities here and comply with the law.

“There are consequences to not maintaining current BO details with RoC, and these consequences are in line with Financial Action Task Force standards to fight money laundering, terrorist financing, and the financing of weapons of mass destruction,” Inniss said. “By enforcing our local legal requirement for companies to maintain current BO details with the RoC, Cayman can provide better information to international tax and law enforcement agencies for their investigations.”

He added, “The Cayman Islands also receives information from international agencies for our own investigations, so we understand how valuable this information can be in fighting financial crime locally and globally.”

Rest is here…

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