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ECJ Ruling on Access to Beneficial Ownership Registers

The Court of Justice of the European Union (“ECJ”) ruled (in a landmark decision last month on 22^nd November) that the EU anti-money laundering directive’s provisions on access to beneficial ownership registers are “invalid” as it is in contravention of articles 7 and 8 of the Charter of Fundamental Rights of the European Union and should therefore not be made available to a wide public.

Post Brexit no ruling in the ECJ is automatically binding in the Cayman Islands or the UK, but this ruling will undoubtedly be considered carefully and influence any further legislation in the Cayman Islands.

The Cayman Islands Ministry of Financial Services and Commerce is considering industry feedback in relation to the Beneficial Ownership Transparency Bill 2022, and is preparing draft legislation of which there "is a component that sets out a proposed approach to introduce public beneficial ownership registers in line with the request of the United Kingdom". The full statement by the Ministry can be read here.

For further information contact one of our experts.

Contact our experts for further advice

Chris Humphries

Managing Director and Head of Funds

Tel:+1 (345) 814-7911

,

Jonathan McLean

Partner and Head of Banking & Regulatory

Tel:+1 (345) 814-7930

This publication is for general guidance and is not intended to be a substitute for specific legal advice. Specialist advice should be sought about specific circumstances.

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