The British overseas territory, which wants to shed its reputation for clandestine financial activity, is introducing sweeping reforms that will make public the names of thousands of previously hidden companies and their directors. <\/p>\n
In proposals sent to Cayman-based hedge fund businesses and seen by the Financial Times, the islands' powerful monetary authority, CIMA, has outlined plans to create a public database of funds domiciled on the island for the first time. The database will also list funds' directors, pending an ongoing consultation process due to close in mid-March. <\/p>\n
CIMA, which did not respond to a request for comment, also plans to require directors to undergo a vetting process to ensure they are qualified to act as fiduciaries for investors. <\/p>\n
\"In the 24 months subsequent to the onset of the financial crisis, the BVI Financial Services Commission, the Central Bank of Ireland, the Jersey Financial Services Commission, the Bahamas Financial Services Board and the Isle of Man Supervision Commission all updated their corporate governance codes, laws and\/or regulations,\" CIMA said in one document. <\/p>\n
(Read More: Hedge Fund 'Sharks Going After' Paulson: Pro) <\/p>\n
The move comes amid a barrage of international criticism for the diminutive tax haven's minimal disclosure requirements and tough corporate privacy laws in recent years. The Caymans have borne the brunt of attacks on offshore centers from angry US and EU politicians as they struggled to keep pace with fast-moving new global regulations. They even featured in rancorous debates over the tax affairs of US presidential candidate Mitt Romney. <\/p>\n
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Originally posted here:<\/p>\n
Cayman Islands to Make Public Thousands of Names<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The British overseas territory, which wants to shed its reputation for clandestine financial activity, is introducing sweeping reforms that will make public the names of thousands of previously hidden companies and their directors. In proposals sent to Cayman-based hedge fund businesses and seen by the Financial Times, the islands' powerful monetary authority, CIMA, has outlined plans to create a public database of funds domiciled on the island for the first time Continue reading