TRINIDAD AND TOBAGO INTRODUCES BENEFICIAL OWNERSHIP REGULATIONS

Strengthening Corporate Governance and Combating Money Laundering

The Trinidad and Tobago government has taken a significant step towards improving corporate governance and combating money laundering by introducing new regulations on beneficial ownership in the Companies Act.

Key Provisions of the Amendment

• Definition of Beneficial Ownership: A natural person who ultimately owns or controls a company through direct or indirect ownership or control, including individuals who exercise control as directors, officers, or shareholders.
• Register of Beneficial Owners: Companies are required to maintain a register of beneficial owners and file annual returns with the Registry.

Timeline for Compliance

• May 1, 2019: Listed companies must disclose their beneficial owners to the Registry.
• December 31, 2020: All other companies must comply with the new regulations.

Consequences of Non-Compliance

• Fines of up to $10,000
• Imprisonment for three years