The government of the Cayman Islands published the Beneficial Ownership Transparency Act 2023, expanding the country’s anti-money laundering (AML) commitments by enhancing and consolidating its existing beneficial ownership legislative framework. The bill is intended to fulfill the commitment made by the Cayman Islands in 2019 concerning the introduction of public registers of beneficial ownership information and help prepare for the fifth round of the Financial Action Task Force (FATF) evaluation process due in 2025. Competent authorities will have access to this register to aid in the prevention and detection of crime, safeguard national security, and fulfill international cooperation obligations. The bill also includes provisions for penalties and enforcement measures for non-compliance. Overall, the bill aims to enhance transparency and combat money laundering and other illicit activities in the Cayman Islands.