The UK's 14 Overseas Territories must bring in publicly accessible registers concerning the beneficial ownership of legal entities or face having them imposed by the UK, following Royal Assent to the UK Sanctions and Anti-Money Laundering Act 2018 on May 23, 2018.
Under the Act the UK Government must prepare and lay before parliament a draft order no later than December 31, 2020, requiring Overseas Territories to implement public registers if they have not already done so.
The draft order must set out the form the register must take, which is a register broadly equivalent to that imposed under the UK Companies Act 2006.
In the lead up to the December 31, 2020, deadline, the Sanctions and Anti-Money Laundering Act requires the UK Government to publish periodic reports explaining the progress each Overseas Territory has made in implementing a public register, and giving an assessment of when it will be in place.
By Courtesy of Lowtax.net