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UK to Support British Overseas Territories in Implementing Publicly Accessible Registers of Company Beneficial Ownership

The UK government has announced its commitment to supporting the implementation of publicly accessible registers of company beneficial ownership in all British Overseas Territories (OTs). The move is aimed at increasing transparency and combating money laundering, tax evasion, and other financial crimes.

Existing Arrangements

Some OTs have already taken steps towards implementing publicly accessible registers. For example:

Gibraltar has introduced its Register of Ultimate Beneficial Ownership, which is accessible to the public.
The British Virgin Islands (BVI) has an internationally recognized Beneficial Ownership Secure Search System (BOSS).
The Cayman Islands is working on a plan for implementing a publicly accessible register.

New Developments

The UK government has prepared a draft Order in Council under Section 51 of the Sanctions and Anti-Money Laundering Act 2018, which sets out minimum standards for OTs to adopt publicly accessible registers. The draft Order requires that:

The information on an individual must include their name, country of residence, nationality, month and year of birth.
The information contained in the register should be accurate and complete, subject to reasonable exceptions.
Where public release of personal information would reasonably put a person at risk of violence, kidnapping, intimidation or other similar harm, the information can be withheld.

Support for OTs

The UK government will provide all reasonable assistance to OTs as they develop their registers. This support will include:

Financial and advisory assistance, based on individual Territories’ needs.
Best practice guidance that Territories may use in implementing their registers.

Next Steps

The draft Order will be kept under review, and the UK government will continue to work with OTs to identify and resolve any issues that arise during implementation. The government has already provided funding to support Anguilla’s procurement of a new register of company beneficial ownership, and is working with other Territories to determine if they require assistance.

Conclusion

The UK government’s commitment to supporting the implementation of publicly accessible registers of company beneficial ownership in all British Overseas Territories is a significant step towards increasing transparency and combating financial crime. The support provided by the UK government will help OTs to develop robust systems that meet international standards, and ensure that the benefits of increased transparency are shared across all jurisdictions.

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