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Gibraltar Strengthens Beneficial Ownership Laws

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As part of an agreement with the UK government, Gibraltar has tightened its rules governing beneficial ownership to enhance transparency and prevent illicit financial activities.

The Arrangement

On April 19, Gibraltar established a central register containing accurate and up-to-date information on beneficial owners. This move aims to:

• Enhance transparency in corporate and legal entities
• Prevent illicit financial activities such as money laundering

Information Sharing with UK Authorities

Under the agreement, Gibraltar’s government must ensure that its law enforcement and tax authorities have effective and unrestricted access to the beneficial ownership information. This information will also be shared with UK authorities.

A Step Towards Global Efforts Against Financial Crimes

The agreement is part of a broader effort by the UK government to combat money laundering and other financial crimes. In March, Prime Minister David Cameron wrote to Overseas Territories urging them to introduce measures to increase transparency on beneficial ownership.

Gibraltar’s Reputation as a Transparent Financial Hub

Gibraltar’s move to strengthen its beneficial ownership laws marks an important step forward in this regard. The island nation has long been a popular destination for international businesses, and the new rules are expected to enhance its reputation as a transparent and reliable financial hub.