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Bermuda’s Commitment to Transparency: Establishing a Public Register of Beneficial Ownership Information

Introduction

As we continue to navigate the complexities of global finance, it is essential that we prioritize transparency and cooperation to combat money laundering and financial crimes. In this regard, I am pleased to address Bermuda’s commitment to establishing a publicly accessible register of beneficial ownership information for companies.

Bermuda’s Commitment

The Government of Bermuda has made a firm commitment to establishing a publicly accessible register of beneficial ownership information for companies, in line with international standards. This move is aimed at enhancing transparency and cooperation in our financial system, while also ensuring that we remain compliant with the requirements of our international partners.

The European Union’s Push for Greater Transparency

The European Union (EU) has been at the forefront of efforts to promote greater transparency and cooperation on beneficial ownership information among its member states and with other jurisdictions. As a result, Bermuda is working closely with the EU to implement measures that align with their requirements.

UK Sanctions and Anti-Money Laundering Act 2018

The UK Sanctions and Anti-Money Laundering Act 2018 has had a significant impact on our approach to beneficial ownership transparency. This law compels Overseas Territories, including Bermuda, to establish public registers of beneficial ownership information for companies by 2023. We are working diligently to meet this deadline while ensuring that our implementation is effective and compliant with international standards.

Ongoing Discussions and Consultations

The Cabinet has been engaged in ongoing discussions regarding the establishment of a publicly accessible register of beneficial ownership information. As a result, we have decided to consult with key stakeholders and industry partners on implementing this measure. This collaborative approach will enable us to gather valuable insights and feedback, ensuring that our implementation is tailored to the needs of our financial sector.

Conclusion

In conclusion, Bermuda’s commitment to transparency and cooperation in addressing global threats related to money laundering and financial crimes is unwavering. The establishment of a publicly accessible register of beneficial ownership information for companies is an essential step towards achieving this goal. I am confident that through collaborative efforts and effective implementation, we will continue to enhance our financial system’s integrity and reputation as a trusted partner in the global economy.