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Publicly accessible registers of company beneficial ownership in the UK Overseas Territories
14 December 2020
Type
Written Ministerial Statement
Department
Foreign, Commonwealth and Development Office
At a Glance
Issue Summary
The statement addresses the commitment of UK Overseas Territories to introduce publicly accessible registers of company beneficial ownership and the Government's next steps to implement these registers.
Action Requested
The Government is publishing a draft Order in Council setting out minimum requirements for the adoption of publicly accessible registers of company beneficial ownership, outlining the form and information required. The Government will support territories to meet this requirement by the end of 2023 and review its approach based on territorial commitments.
Key Facts
- Eight UK Overseas Territories have committed to introducing publicly accessible registers of company beneficial ownership.
- A draft Order in Council has been prepared under Section 51 of the Sanctions and Anti-Money Laundering Act 2018.
- The draft Order sets minimum requirements for a compliant register, including the definition of beneficial ownership as direct or indirect control through shareholdings, voting rights, or director appointments up to 25%.
- Information on an individual must include name, country of residence, nationality, month and year of birth, and nature of control over the company.
- The Government will support Territories in implementing these registers by the end of 2023.
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