On 14 December, a news release from the UK Foreign, Commonwealth and Development Office announced that new draft legislation sets out the government’s minimum standards for British Overseas Territories when they publish the owners of companies registered there. It is said that the legislation – which is supported by Overseas Territories themselves – will improve corporate transparency and deter illicit finance. The introduction of publicly accessible registers of who controls companies in their jurisdiction shows the Overseas Territories’ commitment to corporate transparency. The government expects all Overseas Territories to have these registers in place by the end of 2023.
SANCTIONS AND ANTI-MONEY LAUNDERING ACT 2018 (COMMENCEMENT NO. 2) REGULATIONS 2020
These Regulations bring into force certain provisions of the Sanctions and Anti-Money Laundering Act 2018 which enable HM Treasury or the Secretary of State to make regulations relating to the detection, investigation or prevention of money laundering and terrorist financing. Section 51 of the Act relates to publicly accessible registers of beneficial ownership of companies in British Overseas Territories.
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