The UK Parliament has today voted in support of requiring Britain’s overseas territories (which include the BVI, Cayman Islands and Bermuda) to adopt publicly accessible registers identifying beneficial ownership of companies incorporated in those jurisdictions*.
The requirement will not however apply to Jersey.
This new UK legislation comes as a result of cross-party support for backbench amendments to the UK’s Sanctions and Anti-Money Laundering Bill passed through the Commons today.
The Overseas Territories will have until 31 December 2020 to either comply or face having the change imposed by the UK.
In a statement issued yesterday, Jersey’s Chief Minister commented that “This amendment, if passed, would properly respect our constitutional relationship [with the UK]. I believe this reflects Jersey’s leading position in having already established registers of beneficial ownership and effective procedures for information sharing that prevent the island from being used for money laundering and terrorist financing…”.