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Anguilla Moves to Establish Publicly Accessible Register of Beneficial Ownership
The Government of Anguilla is taking a significant step towards increasing transparency in its financial sector by introducing legislation to establish a publicly accessible register of beneficial ownership.
A Key Step Towards International Transparency Standards
The draft Commercial and Beneficial Ownership Registry Bill, which has been published for public consultation, seeks to create an electronic registration system that will allow for the maintenance of customer due diligence and beneficial ownership information. The register will be accessible to competent authorities, financial institutions, and other persons with legitimate interests.
Why Anguilla is Taking this Step
This move is in line with international standards and best practices, as well as the principles of the EU Fifth Anti-Money Laundering Directive. Anguilla has committed to implementing a publicly accessible register by 2023, and this draft legislation represents an important step towards achieving that goal.
What the Bill Provides
The Commercial and Beneficial Ownership Registry Bill provides for the establishment of a Commercial and Beneficial Ownership Register, which will be maintained by the Commercial Registry. The register will contain information on beneficial owners of companies, trusts, and other legal entities incorporated in Anguilla.
- Inspection of Information: Section 25 of the Bill outlines the procedures for accessing beneficial ownership information.
- Access to the Register: The public can access the register through non-governmental authorities, including financial institutions, lawyers, and other professionals who require this information as part of their due diligence checks.
Public Consultation Period
The public consultation period for the draft Commercial and Beneficial Ownership Registry Bill runs until October 10th, 2021. Service providers in the financial services industry, companies, and the general public are invited to submit comments on the draft legislation.
Anguilla’s Commitment to Transparency and Compliance
Anguilla has a long-standing commitment to transparency and compliance with international standards and best practices. In 2020, the Government publicly committed to working towards a publicly accessible register of beneficial ownership for companies, in line with international standards and best practices.
Key Features of the Draft Bill
- Establishes an electronic registration system for the Commercial Registry
- Creates a publicly accessible register of beneficial ownership information
- Provides access to the register by competent authorities, financial institutions, and other persons with legitimate interests
- Outlines procedures for accessing beneficial ownership information in Section 25
- Compliant with international standards and best practices, as well as the principles of the EU Fifth Anti-Money Laundering Directive
Submit Your Comments Now
The public consultation period for the draft Commercial and Beneficial Ownership Registry Bill runs until October 10th, 2021. Service providers in the financial services industry, companies, and the general public are invited to submit comments on the draft legislation.