British Overseas Territories: Companies

(asked on 14th December 2018) - View Source

Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign and Commonwealth Affairs, what discussions representatives of his Department had at the Overseas Territories Joint Ministerial Council on 4-5 December 2018 on the establishment of public beneficial ownership registers in the Overseas Territories.


Answered by
Alan Duncan Portrait
Alan Duncan
This question was answered on 19th December 2018

Lord Ahmad, Minister of State for the Overseas Territories, and Mr John Penrose MP, the Prime Minister's Anti-Corruption Champion discussed the Government's approach to taking forward section 51 of the Sanctions and Anti-Money Laundering Act with Overseas Territories' leaders. The UK will prepare draft legislation by the end of 2020, with all OTs expected to have fully functioning public registers by the end of 2023. The UK will push for action at the highest levels with our partners around the world to make public registers of company beneficial ownership the global norm by 2023. Gibraltar has committed to have in place a publicly accessible register of beneficial ownership for legal entities in line with the EU 5th Anti-Money Laundering Directive by January 2020.

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