It’s trite to say that 2020 was a year marked by change. Having being bombarded with a variety of unsolicited adjustments to our daily lives, we could be forgiven for having developed a collective fear of change over the last 12 months. Fortunately, the legislative changes affecting Cayman Islands’ trust and private wealth practitioners do not align with the general trend of 2020. On the contrary, the pace and direction of change has been much more palatable as legislators have continued with the incremental modernisation of the Cayman Islands’ trusts law and related legislation.
Many of the amendments have been focused on increased transparency and regulatory oversight, and have arisen in response to recommendations from financial action task forces and international bodies (a persistent theme on the Cayman legislative agenda). While some practitioners may be weary of the seemingly constant change on this front, this is indeed our “new normal”, and we should take comfort that the legislature’s approach to complying with international standards while seeking to minimise unnecessary impediments to legitimate business should ensure that the jurisdiction is well-positioned for the future.
This article was originally published in Trust Cayman magazine