The Cayman Islands government has announced that it will repeal its Confidential Relationships (Preservation) Law, commonly known as the ‘secrecy law’, by September 2016.
The law will be replaced with The Confidential Information Disclosure Law, which will better clarify the mechanisms through which confidential information may be shared with appropriate authorities.
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Added to this, the Cayman Islands will introduce new data protection legislation in September, which will be on par with what is in place in the European Union.
Also, the Cayman Islands confirmed that it will join the UK’s initiative for the development of a global standard for sharing beneficial ownership information.
Alden McLaughlin, premier of the Cayman Islands, said Cayman’s invitation to participating jurisdictions is one of a number of current, significant measures that it is taking to promote global tax compliance, and also to collaborate with other countries that are engaged in global anti-corruption initiatives.
"For many years Cayman has had in place a strong anti-corruption framework, as evidenced by the extension in 2010 of the OECD Anti-Bribery Convention; and the expected extension of the UN Convention against Corruption, for which Cayman was favourably assessed in 2014," he said.
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