#Providenciales, May 14, 2019 – Turks and Caicos – The British will not
relent on its parliamentary mandate to ensure that all Overseas Territories are
compliant in establishing a public register of beneficial owners of all
licensed companies within each jurisdiction.
“The
Government is committed to complying with the Sanctions and Anti-Money
Laundering Act 2018 provisions regarding the introduction of publicly
accessible registers of company beneficial ownership in all OTs.”
The stance, to be
unwavering in instituting the new law is outlined in a May 7, 2019 document featuring
the responses of the Foreign and Commonwealth Office to recent recommendations
by the Foreign Affairs Committee, FAC.
The Anti-Money Laundering
Act 2018 is driving the move to have Overseas Territories line up with the
legislation passed last year in the UK House of Commons.
“The
Government will prepare an Order in Council by the end of December 2020, with
the Territories expected to have fully functioning publicly accessible
registers as soon as possible, and no later than the end of 2023. We are
scoping the assistance the OTs will require, and will be holding technical
workshops and providing OTs with assistance over the coming months. This will
support the OTs in developing publicly accessible registers.”
The OTs have pushed back
and are still pushing back but this seems to have not slowed the resolve of the
United Kingdom to ensure complete transparency when it comes to who owns what
companies.
It is unabashedly an
effort, by the UK, in-part to expose possible tax evaders.
The Territories are
concerned about the negative impact on the Financial Services Sector.
The recommendation by the
FAC suggested that a timetable for implementation of the Anti-Money Laundering Act
2018 within the OTs should be defined; but the FCO says it is not ready.
“The
FCO is not currently in a position to lay out detailed timetables for each
territory, and the timetable for implementing registers in each OT will differ
depending on its fiscal position and business model. However, we will do so
when this becomes clear.”
Currently the Turks and Caicos already has a register of beneficial owners, it is however, not a public register.
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#ukpublicregistrylegislation