28.06.2018. British Overseas Territories must bring in public beneficial ownership registers

Company News

UK’s 14 Overseas Territories must make publicly accessible registers of the beneficial ownership of legal entities or face having them imposed by the UK, following Royal Assent to the UK Sanctions and Anti-Money Laundering Act 2018 on May 23, 2018.

The UK Government must prepare a draft order till December 31, 2020, requiring Overseas Territories to introduce public registers if they have not already done so. Anti-Money Laundering Act also requires the UK Government to publish periodic reports explaining the progress each Overseas Territory has made in implementing a public register, and giving an assessment of when it will be in place.