UK Govt To ‘Work Collaboratively’ With Territories
The British Government has “assured the Overseas Territories of our commitment to working collaboratively with them on the introduction” of public registers, Minister of State Alan Duncan told the British Parliament.
The Minister was responding to a question from Labour MP Margaret Hodge, who was one of the MPs who brought forward the amendment that aims to allow the UK to order the Governments of Overseas Territories to make their beneficial ownership registers publicly accessible.
A beneficial ownership register is a database of information on business owners, and while the vast majority of nations worldwide do not make theirs public, the UK does, with their register going public in 2016. The Bermuda’s Government’s position over the years has been that they maintain registers, provide information to official entities at request and will make the registers public when it becomes world standard, which it currently is not.
In response to the British Parliament passing legislation for the territories, Premier David Burt and other Overseas Territories leaders have accused of the UK of colonialism, with the islands’ leaders calling it an “affront,” an “unacceptable act of modern colonialism,” and an action that would “overturn democracy in the relevant territory.
During this week’s session of British Parliament, Labour MP Margaret Hodge asked the Minister of State “with reference to section 51 of the Sanctions and Anti-Money Laundering Act 2018, what discussions he has had with the governments of the Overseas Territories on support required to introduce publicly accessible beneficial ownership registers.”
In response, the Minister of State Alan Duncan said, “The Prime Minister and Lord Ahmad of Wimbledon, the Minister for the Commonwealth and UN, held a conference call with leaders of Overseas Territories with financial centres on 24 May to discuss the issue, and a further discussion was held at the Joint Ministerial Council in June.
“Shortly after the passage of this legislation Lord Ahmad of Wimbledon visited Anguilla, the Cayman Islands and Montserrat, where he held discussions on this topic.
“Similarly, in late July, Lord Ahmad visited the British Virgin Islands [BVI] and met with representatives of the financial services industry and government of BVI. Montserrat and Gibraltar have already committed to establishing a public register of company beneficial ownership.
MP Margaret Hodge also asked the Minister of State “what steps he is taking to assist the governments of the Overseas Territories to introduce publicly accessible beneficial ownership registers”
In response, Minister Alan Duncan said, “The Government has assured the Overseas Territories of our commitment to working collaboratively with them on the introduction of publicly registers.
“Minister of State Lord Ahmad of Wimbledon has already proposed the establishment of a UK- Overseas Territories technical working group to meet early 2019 and will discuss more formally the implementation timetable and any initial requests for support at the Overseas Territories Joint Ministerial Council later this year.”
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NEVER!
This will be the end of our country and our well- established reputation as a reputable offshore jurisdiction. Our records are available upon request by any Government but are NOT and WILL NOT EVER be available to the public for browsing.
If the UK forces us on this one issue, it would be the MAIN reason why I would change my mind in favour of Bermudian independence! We must protect our country and our standard of living as well as our well-earned reputation.
What the UK is suggesting would force most UK nationals invested in Bermuda back home, which is to THEIR advantage and is their AIM, similar to what the USA did with FATCA and with what happened with the fall of the Swiss banking system.
NEVER open our books Bermuda!!! Stand firm against the UK!!!
If we are to considder our selves as a developing country, which in fact we are, and order to do that we need capital in all its variouse forms we also need to be free of our national debt . We require investment and support.
In order to make progress to try to better ourselves, we build a modern state of the art Airport , we build a ships dock to accomadate large cruise ships, we improve H. M . Dokyard as a state of the art tourist atraction . We host one of the largest sailing event on the planet and much more.
“When we build let us think that we build for ever. let it not be for present delight nor for present use alone .”
As a commoner , I have a basic question for the UK Government. Where are you when we are as one of your British Overseas Teratory , with regard to our island nation, you are either for us or against us, when your support would make you feel proud of every thing we do ?
The friends you make to day are the friends they may need tomorrow.