British Overseas Territories Faced With Push For Transparency By UK Government

On 1 May 2018, the UK Government accepted an amendment to the Sanctions and Anti-Money Laundering Bill, which now heads back to the House of Lords.

The amendment will require UK overseas territories to introduce public registers listing the beneficial owners of local companies registered in the jurisdiction by the end of 2020.  The UK Government will impose a public register in any territory that fails to establish one by 31 December 2020.

Territories impacted by the amendment include Caribbean countries such as Anguilla, the British Virgin Islands, the Cayman Islands, Bermuda and the Turks & Caicos.  Notably, Jersey, Guernsey and the Isle of Man, Britain's crown dependencies, are not included.