Beneficial Ownership Registers and Recent UK Parliamentary Commentary

I write in response to recent public commentary from Members of Parliament in the United Kingdom and developments arising from the UK–Overseas Territories Joint Ministerial Council relating to beneficial ownership registers. Reports indicate that these remarks were made at a recent All-Party Parliamentary Group meeting, in advance of the Joint Ministerial Council, and within the broader context of international discussions on transparency and illicit finance.

Official UK statements following the Joint Ministerial Council reaffirmed a shared commitment to combating illicit finance and maintaining high international standards. In that context, the UK reiterated its stated objective that Overseas Territories move toward fully public beneficial ownership registers, while acknowledging progress made through legitimate-interest access regimes, including the Cayman Islands’ implementation of such access in February 2025 and its commitment to further enhancements.

The communiqué also indicated that additional technical discussions are expected in early 2026 and that this issue will remain under consideration in future engagements.

Given the potential implications for Cayman’s legislative framework, international obligations, and financial services sector, I would be grateful for clarification on the Government’s current engagement with the United Kingdom on this matter. In particular:

• Whether full public access to beneficial ownership registers has been raised in recent bilateral discussions with the UK;

• What topics have been agreed between the Government of the Cayman Islands and the United Kingdom for discussion in early 2026, particularly in relation to beneficial ownership; and

• What preliminary assessment, if any, has been undertaken regarding the legal, economic, and constitutional implications for the Cayman Islands.

In this context, the Opposition wishes to affirm our commitment to working constructively with the Government and to supporting efforts to defend and protect the Cayman Islands’ financial services industry, which remains a critical pillar of the national economy.

In light of these developments, I respectfully request a meeting as soon as practicable to enable the Government to brief the Opposition on the status of UK–Cayman discussions and any anticipated next steps. Such an update would help ensure that Parliament remains properly informed and that there is a shared understanding of the issues under consideration.

The Opposition recognises the importance of maintaining Cayman’s reputation as a cooperative and well-regulated jurisdiction, while also ensuring that any future reforms are approached carefully and in a manner consistent with Cayman’s economic interests.

I look forward to your response and to continued constructive engagement.

Yours sincerely,

Hon. Joseph Hew, MP

Leader of the Opposition

Member of Parliament for George Town North