Financial Crime World

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Beneficial Ownership Definition Takes Centre Stage in Trinidad and Tobago

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As part of its efforts to strengthen corporate governance and combat money laundering, the government of Trinidad and Tobago has introduced amendments to the Companies Act. This requires companies to disclose their beneficial owners, taking a significant step towards transparency.

What is a Beneficial Owner?

According to the legislation, a beneficial owner refers to a natural person who has control over the company or exercises significant influence over its management. This individual may not necessarily be the registered shareholder but rather someone who holds a substantial stake in the company’s shares or profits.

Key Characteristics of a Beneficial Owner

  • A natural person with control over the company
  • Exercising significant influence over the company’s management

Companies Must Take Reasonable Steps

To comply with the new regulations, companies are required to take reasonable steps to identify and obtain information about their beneficial owners. This includes gathering details such as:

Required Information for Beneficial Owners

  • Name
  • Address
  • Occupation
  • Nationality
  • Nature of interest held

Filing Process

The filing process involves two steps:

Step 1: Submitting the Return Electronically

Companies must submit a Return of Beneficial Interest in the Shares of the Company to the Registrar General’s Department online using the e-Filings Service.

Step 2: Delivering Duplicate Originals and Paying the Required Fee

  • Companies must deliver duplicate originals to the Registrar by mail.
  • Payment options are available online using a valid credit card or visa debit card through the Companies Registry Payment Portal.
  • The prescribed fee for submitting the Return is TT$40.

Important Note

This notification serves as general guidance only and does not constitute legal advice. Companies are advised to seek professional assistance where necessary, as the Registrar General’s Department cannot provide such advice.