Bermuda: Beneficial ownership register to go public
15 Jul 2020

Bermuda’s companies beneficial ownership register is to go public.

The island has kept records of the owners of companies for about 70 years, with the information only available to government authorities.

The Government said it would pass legislation making the register accessible to the public in 2022.

A government spokeswoman said: “Recognising the importance of the provision of beneficial ownership information for the prevention and detection of domestic and cross-border crime, and in anticipation of the implementation of a global standard which Bermuda has similarly committed to meet once adopted, and in keeping with Bermuda’s previous commitments, the Government of Bermuda intends to make the companies central register of beneficial ownership information accessible to the public.”

Curtis Dickinson, the finance minister, said: “Bermuda has always led by example. We have a longstanding commitment to compliance with international standards on tax co-operation; transparency; and combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system.

“Accordingly, we have actively engaged with our global partners in respect of beneficial ownership and transparency.

“This announcement today underpins our commitment to ensure that Bermuda remains a jurisdiction of choice for quality and compliant business.”

Read more at The Royal Gazette

Photo (cropped and edited): Scott Knowles [CC BY-NC 2.0] via Flickr

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