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Offshore havens’ company-record rules limit UK transparency push

The Cayman Islands requires a minimum $75 fee per records request and allows subjects to seek a three-year “protection from disclosure” for $1,000.

Reported · Written up by our desk · Trade & Tariffs

British transparency campaigners say the Cayman Islands and the British Virgin Islands are undermining the UK’s push to improve corporate ownership disclosure, despite pressure that led some offshore jurisdictions to adopt transparency measures.

According to reporting by the Guardian Business, Cayman Islands records requests require applicants to show a “legitimate interest” and explain how the data will be used to support anti money laundering or terrorist financing purposes, with a minimum fee of $75 (55 pounds) for each application.

The process also involves international wire transfers and lengthy forms, and company subjects can apply for a three-year “protection from disclosure” at a cost of $1,000 to block information being shared.

The report adds that campaigners view elements of the British Virgin Islands system as even worse, including guidance that exemptions can be granted for reasons such as avoiding potential targeting over activities like animal testing.

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