Commons Sense

House of Commons · Written Ministerial Statement

Publicly accessible registers of company beneficial ownership in the British Overseas Territories

15 July 2020 · Foreign and Commonwealth Office

Proposed by Wendy Morton Con Aldridge-Brownhills

Taxation

Summarised by AI from the official record, so it can contain mistakes.

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At a glance

Key points

  • UK government welcomes commitments from eight British Overseas Territories to establish publicly accessible registers of company beneficial ownership.
  • Government will prepare a draft Order in Council by the end of 2020 and sets 2023 as a reasonable deadline for introducing the registers.
  • Government will provide assistance through workshops and webinars to support the implementation of the registers.

Issue summary

The UK government welcomes commitments from eight British Overseas Territories to establish publicly accessible registers of company beneficial ownership.

Action requested

The Government will prepare a draft Order in Council by the end of 2020 and considers that the end of 2023 is a reasonable deadline for introducing such registers, while providing assistance through workshops and webinars. The statement also highlights existing measures like Exchange of Notes arrangements and adherence to global tax transparency standards.

Key facts

  • Eight British Overseas Territories committed to establishing publicly accessible registers of company beneficial ownership.
  • Anguilla, Bermuda, Cayman Islands, Falkland Islands, Montserrat, Pitcairn Islands, St Helena, Ascension Island and Tristan da Cunha, Turks and Caicos Islands are the eight territories involved.
  • A draft Order in Council will be prepared by the end of 2020.
  • The Government aims for a deadline of December 2023 for introducing these registers.
  • Technical workshops were hosted last July and webinars were held in November.
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