TCI News

Statement by the Government of the Turks and Caicos Islands on a Public Beneficial Ownership Register for Companies

#Providenciales, October 12, 2019 – Turks and Caicos – The Government of the Turks and Caicos Islands has agreed in Cabinet to announce its intention to introduce a public register of beneficial ownership, in line with evolving standards and international obligations such as those reflected in the principles of EU 5th Anti Money Laundering Directive. This follows the announcement of the same made earlier this year by the British Crown Dependencies.

The commitment to introduce publicly accessible registers on a timeline that reflects the development and evolution of public registers in the UK and EU confirms our ongoing commitment to meeting international standards, and to adapting proactively as global best practice evolves. 

The Hon. Sharlene Cartwright Robinson, Premier of the Turks and Caicos Islands, said: The Turks and Caicos Islands had been in discussions with the UK Government on Public Accessible Register of Beneficial Ownership as early as April 2014. She further reiterated my Government has committed to introducing a public register of company beneficial ownership when it becomes an international standard. The introduction of the UK’s public beneficial ownership register, the EU 5th Anti Money Laundering Directive and similar actions by other jurisdictions represents a shift in the global standard and the practices used to combat illicit activity. Turks and Caicos is pleased to announce it has worked well with law enforcement and competent authorities around the world on tax information sharing, including beneficial ownership information.  Assessments carried out by internationally recognized bodies confirm that our transparency environment is consistent with the global standard.

While financial services in the Turks and Caicos Islands is not at the level compared to our sister territories, we do accept that we can compete on a level playing field and will make every effort to support the global development and implementation of evolving international standards in this area.

The Turks and Caicos Islands will work collectively with the EU, UK and the rest of the world through its association with the international bodies on shaping the standard for beneficial ownership information sharing.

Release: TCIG

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