An article from Lennox Paton explains the Register of Beneficial Ownership Act, which seeks to create a private search registry containing details of beneficial owners of domestic and international companies in The Bahamas. There will be a secure search system that allows every registered agent to upload particulars of the beneficial ownership of legal entities over which they have responsibility, and the Attorney General will appoint designated persons to access the search system – only designated persons under the act will be allowed to access the search system, which they must do from a secured location. The article maintains that it is unlikely that the implementation of a register of beneficial ownership will have a negative impact on clients doing business in The Bahamas as it will not be accessible to the public.
An article from Fasken dated 7th May reports that Canada has published 6 new regulations that may come into force as soon as May 15th. The first 4 regulations address brokering, while the last 2 establish a new group of controlled items under the Export Control List and a General Export License. A Brokering Control List contains the items requiring a licence (or “brokering permit”). There is a General Brokering Permit, covering a range of items that do not require an individual permit – such as those exported to allied countries such as the US and UK – however, use of this permit requires reports to be submitted of its use. Certain activities are not classed as brokering – transfers between affiliates (if the receiving affiliate is the end-user), and where Canadians outside of Canada are engaged in brokering activities after being instructed to do so by their employer, and over which they have no control (e.g. when employed by a foreign company).