Barbados does not support opening to the public of its register of beneficial owners of enterprises, Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, stated at the opening of the Society of Trust and Estate Practitioners (STEP) Caribbean Conference. He mainly addressed his speech to his counterparts in the British government.

As already known, “UK Sanctions and Anti-Money Laundering Bill” was passed by the House of Commons in the beginning of May, which would require the UK's 14 Overseas Territories to introduce public ownership registers by the end of 2020.

Mr. Inniss also noted that many countries in their region had been mistakenly placed on various kinds of negative lists and, as a result, had been forced to spend much of their limited resources on getting taken off the said lists.

The government of Barbados continues to engage with the EU, the OECD and their partners around the world, they do so with a firm determination that there must be consistency in setting requirement for, and application of, rules of transparency worldwide, emphasized Innis.

Additionally, the International Business Minister contended that there is a need to strengthen the regulatory program and ensure that only the most professional entities and individuals commence and continue conducting business in Barbados. Stay tuned for great number of actual news related to this topic.