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Clause 1 of the Bill provides the short title of the legislation. Clause 2 amends section 4 of the principal Act to provide for the circumstances under which a trustee of a trust shall be identified as the contact person in respect of a legal person. The amendment also provides that the senior managing official shall be identified as the contact person where there is no registrable beneficial owner or a trustee identified in accordance with section 4(3). Clause 3 amends section 6 of the principal Act to make it a requirement for a legal person to identify not only the trustees of a trust but the senior managing official where there is no registrable beneficial owner or trustee identified. Clause 4 amends section 10 of the principal Act to include in the companies exempted from the provisions of the principal Act a company that is registered as a non-profit organisation in accordance with section 7 of the Non-Profit Organisations Act (2020 Revision). Clause 5 amends section 11 of the principal Act to provide that there is no requirement to enter required particulars regarding an individual or a reportable legal entity that is not a senior managing official or  a trustee identified under section 4(3). Clause 6 amends section 12 of the principal Act to provide for, among other things, the information that must be included in the written confirmation of the category of a legal person.  Where the legal person does not fall within the categories set out in section 12(1)(a) to (d) the respective required particulars under subsection (5), (6) or (7) shall be included in the written confirmation of the category of legal person. Clause 7 amends section 13 of the principal Act to clarify that the corporate services provider shall establish and maintain a register in relation to the legal person that has engaged the corporate services provider. The clause also replaces the definition of \u201cadequate beneficial ownership information\u201d. The new definition, among other things, provides that adequate beneficial ownership information is information that is sufficient to identify a registrable beneficial owner, the senior managing official or a trustee identified under section 4(3). Clause 8 repeals and replaces section 16 of the principal Act to provide that the corporate services provider engaged by a legal person shall remove the relevant entry from the legal person\u2019s beneficial ownership register where the registrable beneficial owner, senior Objects and Reasons Beneficial Ownership Transparency (Amendment) Bill, 2024 Introduced managing official or a trustee identified in accordance with section 4(3) is no longer functioning in the respective role. Clause 9 amends section 22 of the principal Act, among other things, to include the Customs and Border Control Service and a foreign beneficial ownership competent authority in the list of entities to which the competent authority may provide access to the information on the search platform. The clause also amends section 22 to provide that the competent authority shall keep a record of access to the search platform. The record shall include the date and time at which the search platform was accessed and the purpose for which it was accessed. Clause 10 amends the principal Act by the insertion of new section 22A. The new section provides for the protection of searches from dissemination where access to the search was provided under section 22. Information relating to the access to a beneficial ownership register and the information access shall be an exempt matter for the purposes of the Freedom of Information Act (2021 Revision). Beneficial Ownership Transparency (Amendment) Bill, 2024 Arrangement of Clauses Introduced BENEFICIAL OWNERSHIP TRANSPARENCY (AMENDMENT) BILL, 2024 Arrangement of Clauses Clause 1.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 4 of the Beneficial Ownership Transparency Act, 2024 - meaning\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 6 - duty of legal persons to identify registrable beneficial owners, 4. 5.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of section 12 - required particulars and written confirmation required for 7. 8. 9.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Beneficial Ownership Transparency (Amendment) Bill, 2024 Clause 1 Introduced BENEFICIAL OWNERSHIP TRANSPARENCY (AMENDMENT) BILL, 2024 A BILL FOR AN ACT TO AMEND THE BENEFICIAL OWNERSHIP TRANSPARENCY ACT, 2023 TO AMEND THE MEANING OF \u201cBENEFICIAL OWNER\u201d; TO EMPOWER THE COMPETENT AUTHORITY TO PROVIDE ACCESS TO THE SEARCH PLATFORM TO THE CUSTOMS AND BORDER CONTROL SERVICE, AMONG OTHER ENTITIES; TO ENSURE THE CONTINUED EFFECTIVENESS OF THE BENEFICIAL OWNERSHIP LEGISLATIVE FRAMEWORK; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title 1. This Act may be cited as the Beneficial Ownership Transparency (Amendment) Act, 2024. 2. Amendment of section 4 of the Beneficial Ownership Transparency Act, 2024 - meaning of beneficial owner 2. The Beneficial Ownership Transparency Act, 2023, in this Act referred to as the \u201cprincipal Act\u201d, is amended in section 4 as follows \u2014 (a) by repealing subsection (3) and substituting the following subsection \u2014 \u201c(3) Where a trust meets one of the specified conditions in respect of an individual under subsection (1), a trustee of the trust shall be identified as the contact person.\u201d; and Clause 3 Beneficial Ownership Transparency (Amendment) Bill, 2024 Introduced (b) in subsection (4), by deleting the words \u201cindividual who meets the definition of a beneficial owner pursuant to subsection (1) or (3)\u201d and substituting the words \u201cregistrable beneficial owner or a trustee identified in accordance with subsection (3)\u201d. 3. Amendment of section 6 - duty of legal persons to identify registrable beneficial owners, etc. 3. The principal Act is amended in section 6(2)(c) by deleting the words \u201ca trust referred to in section 4(3)\u201d and substituting the words \u201cthe trust identified in accordance with section 4(3) or the individual identified in accordance with section 4(4)\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 10 - exemption 4. The principal Act is amended in section 10 by repealing subsection (3) and substituting the following subsection \u2014 \u201c(3) A company that is \u2014 (a) designated as a company to which section 80 of the Companies Act (2023 Revision) applies; or (b) registered in accordance with section 7 the Non-Profit Organisations Act (2020 Revision), is exempt from the provisions of this Act.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 11 - corporate services providers to review particulars 5. The principal Act is amended in section 11 as follows \u2014 (a) in subsection (3), by deleting the words \u201cregistrable beneficial owner\u201d and substituting the words \u201cregistrable beneficial owner, a senior managing official or a trustee identified in accordance with section 4(3)\u201d; and (b) in subsection (4), by deleting the words \u201cthe required particulars if the required particulars have been\u201d and substituting the words \u201cthe identity of the beneficial owner or reportable legal entity if the identity of the beneficial owner or reportable legal entity has been\u201d. 6. Amendment of section 12 - required particulars and written confirmation required for categories of legal persons 6. The principal Act is amended in section 12 as follows \u2014 (a) in subsection (4) by repealing paragraph (e), and substituting the following paragraph \u2014 \u201c(e) for persons under subsection (1)(e), where the registrable beneficial owner, senior managing official or trustee identified in accordance with section 4(3) is an individual, the required particulars set out in subsection (5) or (6) or, where the registrable beneficial owner or Beneficial Ownership Transparency (Amendment) Bill, 2024 Clause 7 Introduced trustee identified in accordance with section 4(3) is a corporate entity, the required particulars set out in subsection (7).\u201d; (b) in subsection (8), by deleting the words \u201cA licensed fund administrator or the contact person under subsection (4)(c) shall provide\u201d and substituting the words \u201cThe legal person shall appoint the licensed fund administrator or the contact person referred to in subsection (4)(c) and shall be responsible for the licensed fund administrator or the contact person providing\u201d; and (c) by repealing subsection (9) and substituting the following subsections \u2014 \u201c(9) Where a legal person is being wound up, the corporate services provider or the liquidator shall provide the competent authority with the details of the liquidator along with the details of the registrable beneficial owners as at the date of the appointment of the liquidator, where the details of the registrable beneficial owners are held, as soon as may be reasonably practicable. (10) For the purposes of subsection (9), \u201cliquidator\u201d means either the liquidator, the provisional liquidator or the joint liquidator as the case may be.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Amendment of section 13 - duty to establish and maintain register 7. The principal Act is amended in section 13 as follows \u2014 (a) by repealing subsection (1) and substituting the following subsection \u2014 \u201c(1) A corporate services provider shall establish and maintain a register containing adequate, accurate and current beneficial ownership information in relation to the legal person that has engaged the corporate services provider in the form of required particulars in accordance with section 12.\u201d; and (b) in subsection (4), by repealing paragraph (a) and substituting the following paragraph \u2014 \u201c(a) \u201cadequate beneficial ownership information\u201d means information that is sufficient to identify a registrable beneficial owner, the senior managing official or a trustee identified in accordance with section 4(3) and the means and the mechanisms through which beneficial ownership or control is exercised;\u201d. Clause 8 Beneficial Ownership Transparency (Amendment) Bill, 2024 Introduced\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Amendment of section 16 - retention on the register 8. The principal Act is amended by repealing section 16 and substituting the following section \u2014 \u201cRetention on the register\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Where a registrable beneficial owner, a senior managing official or a trustee identified in accordance with section 4(3) is no longer a registrable beneficial owner, senior managing official or trustee identified in accordance with section 4(3) of the legal person, the corporate services provider engaged by the legal person shall \u2014 (a) remove the related entry from the legal person\u2019s beneficial ownership register: and (b) retain the related record for five years from the date on which the registrable beneficial owner, senior managing official or trustee identified in accordance with section 4(3) ceased to function in the respective role in relation to the legal person.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Amendment of section 22 - access to beneficial ownership information 9. The principal Act is amended as follows \u2014 (a) in subsection (2) as follows \u2014 (i) by inserting after paragraph (a) the following paragraph \u2014 \u201c(aa) the Customs and Border Control Service established under section 3 of the Customs and Border Control Act (2024 Revision);\u201d; (ii) by inserting after paragraph (h), the following paragraph \u2014 \u201c(ha)an entity within the meaning of section 2 of the Public Management and Finance Act (2020 Revision) that has received permission from the Cabinet for the purpose of carrying out its statutory duties;\u201d; (iii) in paragraph (i), by deleting the words \u201cProcurement Act (2023 Revision); and\u201d and substituting the words \u201cProcurement Act (2023 Revision)\u201d; (iv) by inserting after paragraph (i), the following paragraph \u2014 \u201c(ia) a foreign beneficial ownership competent authority that exercises similar functions and has similar responsibilities as the competent authority or a foreign competent authority with designated responsibility for combatting money laundering or terrorist financing; and\u201d; and (v) in paragraph (j), by repealing subparagraphs (ii) and (iii) and substituting the following subparagraphs \u2014 Beneficial Ownership Transparency (Amendment) Bill, 2024 Clause 9 Introduced \u201c(ii) subject to subsection (2A), a licensed financial institution; or (iii) subject to subsection (2A), a designated non-financial business and profession under regulation 55A of the Anti-Money Laundering Regulations (2023 Revision).\u201d; (b) by inserting after subsection (2) the following subsection \u2014 \u201c(2A)Access to the information on the search platform for a licensed financial institution under subsection (2)(j)(ii) and a designated nonfinancial business and profession under subsection (2)(j)(iii) in respect of\u2014 (a) an individual is limited to \u2014 (i) name; (ii) country of residence; (iii) nationality; (iv) date of birth; (v) information from the individual\u2019s government-issued identification document; and (vi) nature of control; and (b) a  corporate entity, is limited to \u2014 (i) name; (ii) registered office; (iii) legal form; (iv) registration number; and (v) nature of control.\u201d; (c) in subsection (6) as follows \u2014 (i) in paragraph (a), by deleting the words \u201cwho is a registrable beneficial owner\u201d and substituting the words \u201c, except where the individual is a minor within the meaning of section 2 of the Age of Majority Act (1999 Revision)\u201d; and (ii) by repealing paragraph (b) and substituting the following paragraph \u2014 \u201c(b) for a corporate entity \u2014 (i) name; (ii) registered office; (iii) legal form; (iv) registration number, where held; and (v) nature of control.\u201d; and Clause 10 Beneficial Ownership Transparency (Amendment) Bill, 2024 Introduced (d) by inserting after subsection (7) the following subsection \u2014 \u201c(8) The competent authority shall keep a record of access to the search platform, the date and time when it was accessed and the purpose for which it was accessed.\u201d. 10. Insertion of section 22A - protection of searches from dissemination 10. The principal Act is amended by inserting after section 22 the following section \u2014 \u201cProtection of searches from dissemination 22A.Where access to the search platform is provided in accordance with section 22, any information relating to the access to the beneficial ownership register and the actual information accessed shall be an exempt matter for the purposes of the Freedom of Information Act (2021 Revision).\u201d. Passed by the Parliament the day of , 2024. 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The amendment also provides that the senior managing official shall be identified\nas the contact person where there is no registrable beneficial owner or a trustee identified\nin accordance with section 4(3).\nClause 3 amends section 6 of the principal Act to make it a requirement for a legal person\nto identify not only the trustees of a trust but the senior managing official where there is no\nregistrable beneficial owner or trustee identified.\nClause 4 amends section 10 of the principal Act to include in the companies exempted from\nthe provisions of the principal Act a company that is registered as a non-profit organisation\nin accordance with section 7 of the Non-Profit Organisations Act (2020 Revision).\nClause 5 amends section 11 of the principal Act to provide that there is no requirement to\nenter required particulars regarding an individual or a reportable legal entity that is not a\nsenior managing official or  a trustee identified under section 4(3).\nClause 6 amends section 12 of the principal Act to provide for, among other things, the\ninformation that must be included in the written confirmation of the category of a legal\nperson.  Where the legal person does not fall within the categories set out in section 12(1)(a)\nto (d) the respective required particulars under subsection (5), (6) or (7) shall be included\nin the written confirmation of the category of legal person.\nClause 7 amends section 13 of the principal Act to clarify that the corporate services\nprovider shall establish and maintain a register in relation to the legal person that has\nengaged the corporate services provider. The clause also replaces the definition of\n\u201cadequate beneficial ownership information\u201d. The new definition, among other things,\nprovides that adequate beneficial ownership information is information that is sufficient to\nidentify a registrable beneficial owner, the senior managing official or a trustee identified\nunder section 4(3).\nClause 8 repeals and replaces section 16 of the principal Act to provide that the corporate\nservices provider engaged by a legal person shall remove the relevant entry from the legal\nperson\u2019s beneficial ownership register where the registrable beneficial owner, senior\n\nObjects and Reasons\nBeneficial Ownership Transparency (Amendment) Bill, 2024\n\nPage 4\n Introduced\nc\n\nmanaging official or a trustee identified in accordance with section 4(3) is no longer\nfunctioning in the respective role.\nClause 9 amends section 22 of the principal Act, among other things, to include the\nCustoms and Border Control Service and a foreign beneficial ownership competent\nauthority in the list of entities to which the competent authority may provide access to the\ninformation on the search platform. The clause also amends section 22 to provide that the\ncompetent authority shall keep a record of access to the search platform. The record shall\ninclude the date and time at which the search platform was accessed and the purpose for\nwhich it was accessed.\nClause 10 amends the principal Act by the insertion of new section 22A. The new section\nprovides for the protection of searches from dissemination where access to the search was\nprovided under section 22. Information relating to the access to a beneficial ownership\nregister and the information access shall be an exempt matter for the purposes of the\nFreedom of Information Act (2021 Revision).\n\nBeneficial Ownership Transparency (Amendment) Bill, 2024\nArrangement of Clauses\n\nc\nIntroduced\nPage 5\n\nCAYMAN ISLANDS\n\nBENEFICIAL OWNERSHIP TRANSPARENCY\n(AMENDMENT) BILL, 2024\n\nArrangement of Clauses\nClause\nPage\n1.\nShort title ...................................................................................................................................7\n2.\nAmendment of section 4 of the Beneficial Ownership Transparency Act, 2024 - meaning\nof beneficial owner .....................................................................................................................7\n3.\nAmendment of section 6 - duty of legal persons to identify registrable beneficial owners,\netc. ............................................................................................................................................8\n4.\nAmendment of section 10 - exemption .......................................................................................8\n5.\nAmendment of section 11 - corporate services providers to review particulars ...........................8\n6.\nAmendment of section 12 - required particulars and written confirmation required for\ncategories of legal persons ........................................................................................................8\n7.\nAmendment of section 13 - duty to establish and maintain register ............................................9\n8.\nAmendment of section 16 - retention on the register ................................................................ 10\n9.\nAmendment of section 22 - access to beneficial ownership information ................................... 10\n10.\nInsertion of section 22A - protection of searches from dissemination ....................................... 12\n\nBeneficial Ownership Transparency (Amendment) Bill, 2024\nClause 1\n\nc\nIntroduced\nPage 7\n\nCAYMAN ISLANDS\n\nBENEFICIAL OWNERSHIP TRANSPARENCY\n(AMENDMENT) BILL, 2024\n\nA BILL FOR AN ACT TO AMEND THE BENEFICIAL OWNERSHIP TRANSPARENCY\nACT, 2023 TO AMEND THE MEANING OF \u201cBENEFICIAL OWNER\u201d; TO EMPOWER THE\nCOMPETENT AUTHORITY TO PROVIDE ACCESS TO THE SEARCH PLATFORM TO\nTHE CUSTOMS AND BORDER CONTROL SERVICE, AMONG OTHER ENTITIES; TO\nENSURE THE CONTINUED EFFECTIVENESS OF THE BENEFICIAL OWNERSHIP\nLEGISLATIVE FRAMEWORK; AND FOR INCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title\n1.\nThis Act may be cited as the Beneficial Ownership Transparency (Amendment) Act,\n2024.\n2.\nAmendment of section 4 of the Beneficial Ownership Transparency Act, 2024\n- meaning of beneficial owner\n2.\nThe Beneficial Ownership Transparency Act, 2023, in this Act referred to as the\n\u201cprincipal Act\u201d, is amended in section 4 as follows \u2014\n(a)\nby repealing subsection (3) and substituting the following subsection \u2014\n\u201c(3) Where a trust meets one of the specified conditions in respect of an\nindividual under subsection (1), a trustee of the trust shall be\nidentified as the contact person.\u201d; and\n\nClause 3\nBeneficial Ownership Transparency (Amendment) Bill, 2024\n\nPage 8\nIntroduced\nc\n\n(b) in subsection (4), by deleting the words \u201cindividual who meets the\ndefinition of a beneficial owner pursuant to subsection (1) or (3)\u201d and\nsubstituting the words \u201cregistrable beneficial owner or a trustee identified\nin accordance with subsection (3)\u201d.\n3.\nAmendment of section 6 - duty of legal persons to identify registrable\nbeneficial owners, etc.\n3.\nThe principal Act is amended in section 6(2)(c) by deleting the words \u201ca trust referred\nto in section 4(3)\u201d and substituting the words \u201cthe trust identified in accordance with\nsection 4(3) or the individual identified in accordance with section 4(4)\u201d.\n4.\nAmendment of section 10 - exemption\n4.\nThe principal Act is amended in section 10 by repealing subsection (3) and\nsubstituting the following subsection \u2014\n\u201c(3) A company that is \u2014\n(a) designated as a company to which section 80 of the Companies Act (2023\nRevision) applies; or\n(b) registered in accordance with section 7 the Non-Profit Organisations Act\n(2020 Revision),\nis exempt from the provisions of this Act.\u201d.\n5.\nAmendment of section 11 - corporate services providers to review\nparticulars\n5.\nThe principal Act is amended in section 11 as follows \u2014\n(a)\nin subsection (3), by deleting the words \u201cregistrable beneficial owner\u201d and\nsubstituting the words \u201cregistrable beneficial owner, a senior managing\nofficial or a trustee identified in accordance with section 4(3)\u201d; and\n(b) in subsection (4), by deleting the words \u201cthe required particulars if the\nrequired particulars have been\u201d and substituting the words \u201cthe identity of\nthe beneficial owner or reportable legal entity if the identity of the\nbeneficial owner or reportable legal entity has been\u201d.\n6.\nAmendment of section 12 - required particulars and written confirmation\nrequired for categories of legal persons\n6.\nThe principal Act is amended in section 12 as follows \u2014\n(a)\nin subsection (4) by repealing paragraph (e), and substituting the following\nparagraph \u2014\n\u201c(e) for persons under subsection (1)(e), where the registrable beneficial\nowner, senior managing official or trustee identified in accordance\nwith section 4(3) is an individual, the required particulars set out in\nsubsection (5) or (6) or, where the registrable beneficial owner or\n\nBeneficial Ownership Transparency (Amendment) Bill, 2024\nClause 7\n\nc\nIntroduced\nPage 9\n\ntrustee identified in accordance with section 4(3) is a corporate entity,\nthe required particulars set out in subsection (7).\u201d;\n(b) in subsection (8), by deleting the words \u201cA licensed fund administrator or\nthe contact person under subsection (4)(c) shall provide\u201d and substituting\nthe words \u201cThe legal person shall appoint the licensed fund administrator\nor the contact person referred to in subsection (4)(c) and shall be\nresponsible for the licensed fund administrator or the contact person\nproviding\u201d; and\n(c)\nby repealing subsection (9) and substituting the following subsections \u2014\n\u201c(9) Where a legal person is being wound up, the corporate services\nprovider or the liquidator shall provide the competent authority with\nthe details of the liquidator along with the details of the registrable\nbeneficial owners as at the date of the appointment of the liquidator,\nwhere the details of the registrable beneficial owners are held, as soon\nas may be reasonably practicable.\n(10) For the purposes of subsection (9), \u201cliquidator\u201d means either the\nliquidator, the provisional liquidator or the joint liquidator as the case\nmay be.\u201d.\n7.\nAmendment of section 13 - duty to establish and maintain register\n7.\nThe principal Act is amended in section 13 as follows \u2014\n(a)\nby repealing subsection (1) and substituting the following subsection \u2014\n\u201c(1) A corporate services provider shall establish and maintain a register\ncontaining adequate, accurate and current beneficial ownership\ninformation in relation to the legal person that has engaged the\ncorporate services provider in the form of required particulars in\naccordance with section 12.\u201d; and\n(b) in subsection (4), by repealing paragraph (a) and substituting the following\nparagraph \u2014\n\u201c(a) \u201cadequate beneficial ownership information\u201d means information\nthat is sufficient to identify a registrable beneficial owner, the senior\nmanaging official or a trustee identified in accordance with section\n4(3) and the means and the mechanisms through which beneficial\nownership or control is exercised;\u201d.\n\nClause 8\nBeneficial Ownership Transparency (Amendment) Bill, 2024\n\nPage 10\nIntroduced\nc\n\n8.\nAmendment of section 16 - retention on the register\n8.\nThe principal Act is amended by repealing section 16 and substituting the following\nsection \u2014\n\u201cRetention on the register\n16. Where a registrable beneficial owner, a senior managing official or a\ntrustee identified in accordance with section 4(3) is no longer a registrable\nbeneficial owner, senior managing official or trustee identified in\naccordance with section 4(3) of the legal person, the corporate services\nprovider engaged by the legal person shall \u2014\n(a)\nremove the related entry from the legal person\u2019s beneficial\nownership register: and\n(b) retain the related record for five years from the date on which\nthe registrable beneficial owner, senior managing official or\ntrustee identified in accordance with section 4(3) ceased to\nfunction in the respective role in relation to the legal person.\u201d.\n9.\nAmendment of section 22 - access to beneficial ownership information\n9.\nThe principal Act is amended as follows \u2014\n(a)\nin subsection (2) as follows \u2014\n(i)\nby inserting after paragraph (a) the following paragraph \u2014\n\u201c(aa) the Customs and Border Control Service established under\nsection 3 of the Customs and Border Control Act (2024\nRevision);\u201d;\n(ii) by inserting after paragraph (h), the following paragraph \u2014\n\u201c(ha)an entity within the meaning of section 2 of the Public\nManagement and Finance Act (2020 Revision) that has received\npermission from the Cabinet for the purpose of carrying out its\nstatutory duties;\u201d;\n(iii) in paragraph (i), by deleting the words \u201cProcurement Act (2023\nRevision); and\u201d and substituting the words \u201cProcurement Act (2023\nRevision)\u201d;\n(iv) by inserting after paragraph (i), the following paragraph \u2014\n\u201c(ia) a foreign beneficial ownership competent authority that\nexercises similar functions and has similar responsibilities as the\ncompetent authority or a foreign competent authority with\ndesignated responsibility for combatting money laundering or\nterrorist financing; and\u201d; and\n(v) in paragraph (j), by repealing subparagraphs (ii) and (iii) and\nsubstituting the following subparagraphs \u2014\n\nBeneficial Ownership Transparency (Amendment) Bill, 2024\nClause 9\n\nc\nIntroduced\nPage 11\n\n\u201c(ii) subject to subsection (2A), a licensed financial institution; or\n(iii) subject to subsection (2A), a designated non-financial business\nand profession under regulation 55A of the Anti-Money\nLaundering Regulations (2023 Revision).\u201d;\n(b) by inserting after subsection (2) the following subsection \u2014\n\u201c(2A)Access to the information on the search platform for a licensed\nfinancial institution under subsection (2)(j)(ii) and a designated nonfinancial business and profession under subsection (2)(j)(iii) in\nrespect of\u2014\n(a)\nan individual is limited to \u2014\n(i)\nname;\n(ii) country of residence;\n(iii) nationality;\n(iv) date of birth;\n(v) information from the individual\u2019s government-issued\nidentification document; and\n(vi) nature of control; and\n(b) a  corporate entity, is limited to \u2014\n(i)\nname;\n(ii) registered office;\n(iii) legal form;\n(iv) registration number; and\n(v) nature of control.\u201d;\n(c)\nin subsection (6) as follows \u2014\n(i)\nin paragraph (a), by deleting the words \u201cwho is a registrable\nbeneficial owner\u201d and substituting the words \u201c, except where the\nindividual is a minor within the meaning of section 2 of the Age of\nMajority Act (1999 Revision)\u201d; and\n(ii) by repealing paragraph (b) and substituting the following\nparagraph \u2014\n\u201c(b) for a corporate entity \u2014\n(i)\nname;\n(ii) registered office;\n(iii) legal form;\n(iv) registration number, where held; and\n(v) nature of control.\u201d; and\n\nClause 10\nBeneficial Ownership Transparency (Amendment) Bill, 2024\n\nPage 12\nIntroduced\nc\n\n(d) by inserting after subsection (7) the following subsection \u2014\n\u201c(8) The competent authority shall keep a record of access to the search\nplatform, the date and time when it was accessed and the purpose for\nwhich it was accessed.\u201d.\n10.\nInsertion of section 22A - protection of searches from dissemination\n10. The principal Act is amended by inserting after section 22 the following section \u2014\n\u201cProtection of searches from dissemination\n22A.Where access to the search platform is provided in accordance with section\n22, any information relating to the access to the beneficial ownership\nregister and the actual information accessed shall be an exempt matter for\nthe purposes of the Freedom of Information Act (2021 Revision).\u201d.\nPassed by the Parliament the\nday of\n, 2024.\nSpeaker\nClerk of the Parliament","akn_extracted_at":"2026-06-22 15:41:12.298415+00","cms_id":"2024-0029","law_type":"bill","year":"2024","number":"29","title":"2024-0029","status":"bill"},"provenance":{"files":[{"file_id":"7146","expr_id":"2347","kind":"akn_xml","filename":"2024-0029.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2024\/2024-0029\/2024-0029.akn.xml","content_md5":"03b586eac8aa7a733edb9cabbb515420","byte_size":"19201","http_last_modified":null,"fetched_at":"2026-06-22 15:41:12.395832+00"},{"file_id":"4693","expr_id":"2347","kind":"pristine_pdf","filename":"2024-0029.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2024\/2024-0029\/2024-0029.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2024\/2024-0029\/2024-0029.pdf","content_md5":"f7cdb01119f754d8986c22788c0e0e08","byte_size":"308576","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.378307+00"},{"file_id":"4694","expr_id":"2347","kind":"working_pdf","filename":"2024-0029.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2024\/2024-0029\/2024-0029.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2024\/2024-0029\/2024-0029.pdf","content_md5":"f7cdb01119f754d8986c22788c0e0e08","byte_size":"308576","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.378307+00"}],"paragraph_count":3,"latest_history":null},"quality":{"expr_id":"2347","doc_id":"2347","quality_state":"known_issue","quality_score":"59","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_title_metadata}","finding_severity_counts":"{\"low\": 1, \"high\": 1, \"medium\": 1}","finding_summary":"stored title is not visible in the opening extracted text; repeated line furniture detected: cayman islands x3; introduced x10; beneficial ownership transparency amendment bill 2 x9","assessed_at":"2026-06-22 15:29:46.219881+00","updated_at":"2026-06-22 15:29:46.219881+00"}}