Bermuda Broadens Beneficial Ownership Regime

In order to preserve its reputation as a well-regarded and desired domicile for quality business, Bermuda has committed to implementing international standards to combat money laundering and terrorist financing, and to enhance transparency. Over the last year Bermuda has taken various steps to meet these standards, many of which place additional regulatory obligations on companies and partnerships registered in Bermuda, to vet and disclose information about their beneficial owners.

In addition to the need for compliance with international transparency standards, as set forth by the Financial Action Task Force and the Organisation for Economic Co-operation and Development (OECD), Bermuda signed the UK Exchange of Notes Agreement in 2016 in respect of exchanges of beneficial ownership data and the development of a central registry. The action being taken to broaden our beneficial ownership regime is therefore also being taken to ensure fulfilment of obligations pursuant