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Two more opponents of the UK policy regarding public registers

Jun 14, 2018

Previously in our blog we have discussed that Barbados does not support opening of its register of beneficial owners of enterprises to the public, as was stated by the Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, at the STEP Conference.

Recently, it was announced that the British Virgin Islands (BVI) and the Cayman Islands, two of the British Overseas Territories, are making preparations regarding the launch of legal challenges to the UK government’s plans to enforce public registers listing details of beneficial ownerships of companies registered in the jurisdictions.

Both, the BVI and the Cayman Islands, have announced their intention to oppose the Westminster’s planned changes to the legislation, known as the Sanctions and Anti-Money Laundering Act, which received Royal Assent at the end of April this year.

The altered law would make publicly accessible registers of beneficial ownership compulsory for companies registered in British Overseas Territories.

The above-mentioned changes shall come into force by 31 December 2020. Otherwise, the act requires the UK Secretary of State to draft orders to forcibly make the above territories to comply.

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