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Gibraltar Takes Step Forward in Beneficial Ownership Tracking
The Government of Gibraltar has introduced significant changes to its beneficial ownership tracking process with the release of online versions of simplified forms. This move aims to enhance transparency and streamline the submission of user beneficial owner (UBO) information for companies and individuals.
Streamlined Submission Process
The new digital tools are designed to simplify the process of submitting UBO information, making it easier to comply with regulations. The benefits of these online forms include:
- Easy access: Submit UBO information from anywhere at any time
- Reduced paperwork: Simplified forms reduce the need for manual document preparation and submission
- Faster processing: Online submissions enable faster review and processing by relevant authorities
Enhanced Transparency with Improved XML Schema
The second version of the UBO XML Schema has been made available for download on the government’s website. This updated schema is a simplified version that aims to reduce complexity and improve usability. The release of this new version is part of the ongoing effort to modernize Gibraltar’s regulatory framework and enhance transparency.
Submission Navigator Tool Launched
A submission navigator tool has also been launched to further support users. This innovative tool allows individuals to view and edit the contents of their submission at a glance, providing greater clarity and control over the process. With these new digital tools in place, companies and individuals can now benefit from a more efficient and streamlined experience when submitting UBO information.
Conclusion
The release of online UBO forms, improved XML schema, and submission navigator tool are significant steps forward in Gibraltar’s beneficial ownership tracking system. These developments aim to enhance transparency, streamline submissions, and improve usability for all users. As the regulatory framework continues to evolve, these changes are expected to contribute to a more effective and transparent beneficial ownership tracking system in Gibraltar.