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

The UK Government has reaffirmed its commitment to supporting British Overseas Territories (OTs) in implementing publicly accessible registers of company beneficial ownership, following the passage of the Sanctions and Anti-Money Laundering Act 2018.

Background

According to a draft Order in Council prepared by the Foreign, Commonwealth & Development Office (FCDO), the UK will provide all reasonable assistance to OTs as they develop their own registers. The Order sets out minimum standards for what constitutes a publicly accessible register of company beneficial ownership and provides guidance on the form that these registers should take.

Progress Made

The UK has already made significant progress in this area, with Gibraltar introducing its Register of Ultimate Beneficial Ownership, which is accessible to the public. Other OTs, such as Anguilla, are also making good progress in implementing their own publicly accessible registers.

Key Principles

The draft Order emphasizes the importance of international best practice and global norms on:

• Collection
• Verification
• Disclosure
• Accessibility of beneficial ownership information

The UK expects OTs’ registers to be proportionate to their circumstances, taking into account factors such as:

• The size and complexity of their corporate sectors

Support for Implementation

To support the implementation of these registers, the FCDO is providing financial and advisory assistance to OTs, including funding for procurement and technical expertise. The department is also working with Open Ownership, a non-profit organization that specializes in beneficial ownership transparency, to:

• Produce best practice guidance
• Provide access to its enhanced helpdesk function

Ongoing Support

The UK will continue to work closely with OTs to identify and resolve any issues that arise during the implementation process. The government remains committed to supporting these territories as they take steps towards greater transparency and accountability in their corporate sectors.

Key Points

• The UK Government has prepared a draft Order in Council setting out minimum standards for publicly accessible registers of company beneficial ownership.
• The UK will provide all reasonable assistance to British Overseas Territories (OTs) as they develop their own registers.
• Gibraltar has already introduced its Register of Ultimate Beneficial Ownership, which is accessible to the public.
• Other OTs are making progress in implementing their own publicly accessible registers.
• The draft Order emphasizes international best practice and global norms on beneficial ownership information.
• The FCDO is providing financial and advisory assistance to OTs, including funding for procurement and technical expertise.
• The department is working with Open Ownership to produce best practice guidance and provide access to its enhanced helpdesk function.