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.
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Cayman Islands Private Client Legislative Update
This article was originally published in Trust Cayman magazine