BRITISH OVERSEAS TERRITORIES COMMIT TO PUBLISHING FURTHER INFORMATION ON COMPANY OWNERSHIP IN MAJOR ANTI-CORRUPTION MOVE

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.

https://www.gov.uk/government/news/british-overseas-territories-commit-to-publishing-further-information-on-company-ownership-in-major-anti-corruption-move

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.

https://www.legislation.gov.uk/uksi/2020/1535/note/made

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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