Gibraltar Enhances Transparency with Simplified Beneficial Ownership Rules

Improved Compliance Tools Released

In a significant move towards enhancing financial transaction transparency, Gibraltar’s authorities have introduced new tools designed to simplify compliance with beneficial ownership rules and regulations. These developments aim to facilitate a more efficient and streamlined process for entities to disclose their Ultimate Beneficial Owner (UBO) information.

Simplified UBO Forms and XML Schema Now Available

• The online version of the simplified UBO forms has been made available, providing a convenient platform for entities to disclose their UBO information.
• The second, simplified version of the UBO XML Schema can be downloaded from the website, offering an easier way for entities to submit their UBO information.

Submission Navigator Tool Introduced

A new submission navigator tool has been introduced, enabling users to:

• View the contents of submissions at a glance
• Edit submissions with ease

This user-friendly feature is set to simplify the process of submitting UBO information, making it easier for entities to comply with Gibraltar’s beneficial ownership rules and regulations.

Enhanced Transparency and Accountability

The introduction of these new tools marks an important step in Gibraltar’s efforts to maintain its reputation as a transparent and compliant financial centre. By providing a more efficient and streamlined system for disclosing UBO information, the authorities aim to support businesses operating within the jurisdiction while maintaining high standards of transparency and accountability.