Establishing Publicly Accessible Registers of Company Beneficial Ownership in Overseas Territories

Requirements

The UK government has outlined requirements for Overseas Territories (OTs) to establish publicly accessible registers of company beneficial ownership. The key points are as follows:

• Beneficial Ownership Definition: “Beneficial ownership” is defined as including direct and indirect control over companies through shareholdings, voting rights, or the right to appoint/remove directors.
• Information Requirements: Registers must include information on individuals, such as:
  • Name
  • Country of residence
  • Nationality
  • Date of birth
• Accuracy and Completeness: Information in registers must be accurate and complete, except where public release would put an individual at risk.
• Public Access: Only Territories with companies registered in their jurisdiction need to produce publicly accessible registers.

Implementation Guidance

The following guidelines will help Overseas Territories implement the requirements:

• International Best Practice: Registers should follow international best practice on collection, verification, disclosure, and accessibility of beneficial ownership information.
• Proportionality: Requirements should be proportionate to the Territory’s circumstances, taking into account differences between jurisdictions (e.g., Cayman Islands vs. Pitcairn Islands).
• Additional Information: Territories may collect and hold additional information that is not publicly available.

Support for Implementation

The UK government will provide support to Overseas Territories in implementing the requirements:

• Financial Support: The UK will provide funding to support the procurement of registers in financially constrained Territories.
• Advisory Support: The FCDO will offer advisory support, including best practice guidance, briefing materials, and a helpdesk function.
• Sharing Good Practice: The UK will work with OTs to highlight examples of best practice already in place.

Next Steps

The next steps for Overseas Territories are as follows:

• Draft Order Review: The draft Order will be reviewed to identify minor differences between the requirements and existing registers.
• Territory Implementation: Territories will implement their publicly accessible registers, working closely with the UK.
• Ongoing Support: The FCDO will continue to provide support for implementation, including financial and advisory assistance.

By establishing publicly accessible registers of company beneficial ownership, Overseas Territories can help prevent money laundering and ensure transparency in business dealings.