The Bill (amendment) on Limited Liability Companies introduces changes to LLCs “in line with the statutory requirements set forth by FATF-GAFI for the fight against financial crimes”, according to statements by André Ebanks, Minister of Financial Services in the Cayman Islands. It implies, among other things, that LLCs will have the obligation to keep record, at their registered offices, of the names and addresses of every member in their registry of members, as well as the nature of their rights to vote. This information must be available to be provided, upon request, to the Registry of Commerce, but, on the other hand, submitting amendment certificates relative to membership changes to the Companies Registry would no longer be mandatory. Additionally, the Bill also includes the removal of penalties applicable pursuant to the Law currently in force, in order to avoid duplicated fines (since, for the time being, they are covered by the administrative fines system applicable to real beneficiaries).