Hashtag: #BeneficialOwnershipRegister
OTs Expected To Have Public Registers By 2023
The United Kingdom “will prepare draft legislation by the end of 2020, with all Overseas Territories expected to have fully functioning public registers by the end of 2023.” This was stated by Minister of State Sir Alan Duncan in response to a question from Labour MP Dame Margaret Hodge, who was one of the key MPs in bringing forth the amendment... Read more of this article
Column: UK Parliament, Bermuda’s Register Law
[Opinion column written by OBA MP Scott Pearman] With our Premier in London meeting with the UK Overseas Territories Association, this may be an appropriate moment to reflect on Bermuda’s current relationship with the UK. There are times when Bermuda’s Premier [or Finance Minister] needs to politely disagree with our UK counterparts – to ensure... Read more of this article
Bob Richards On UK & Bermuda Relationship
The British Parliament “passed legislation that clearly violates” the Bermuda Constitution, the FCO “continuously succumbs to the stereotyping of the Territories,” and Bermuda has been “early adopters of all the evolving global standards of tax and beneficial ownership information sharing.” These were some of the... Read more of this article
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... Read more of this article
UK MP: ‘Ending Tax Secrecy Will Bring In £10B’
“Ending tax secrecy in the overseas territories will bring in £10 billion a year,” a British MP claimed during a recent sitting of British Parliament. Shadow Minister Foreign and Commonwealth Affairs Helen Goodman said, “Ending tax secrecy in the overseas territories will bring in £10 billion a year. Will the Chancellor organise... Read more of this article
Premier Joins Call With UK Prime Minister
[Updated] Premier David Burt, this afternoon [May 24] joined other OT leaders on a 35 minute phone conversation with UK Prime Minister Theresa May about the UK Parliament’s vote on imposing a public register of beneficial ownership on Overseas Territories. The Premier said, “During the call, I restated the Government of Bermuda’s position: this... Read more of this article
Government House Comment On UK Register Bill
“The UK will continue to seek to work closely with Overseas Territories and to use its best endeavours diplomatically and with international partners,” Government House said “including through multilateral fora [such as the G20, FATF and the OECD] to promote public registers of company beneficial ownership as the global standard.” Background A... Read more of this article
‘No Public Register Until House Votes For It’
“There will be no public register of Beneficial Ownership in Bermuda until this Honourable House, elected by the people of Bermuda votes to implement one,” Premier David Burt said, adding that the “Government rejects the regressive colonial mindset that some in London hold.” Background The Premier’s comments follow after... Read more of this article
Overseas Territories Accuse UK Of Colonialism
The United Kingdom is being accused of colonialism by some of the Overseas Territories, with the islands’ leaders calling it a return to “base colonialism,” an “affront,” an “unacceptable act of modern colonialism,” and an action that would “overturn democracy in the relevant territory.” These comments... Read more of this article
‘Unacceptable Act Of Modern Colonialism’
“To legislate directly for an Overseas Territory would amount to an unacceptable act of modern colonialism,” Gibraltar’s Chief Minister said, adding that it would “overturn democracy in the relevant territory.” In a letter sent to British MPs, the Chief Minister of Gibraltar Fabian Picardo said that Gibraltar is already... Read more of this article
BVI Premier Raises Concerns About UK Bill
Joining his counterparts in Bermuda and the Cayman Islands, Premier of the British Virgin Islands Orlando Smith has expressed concerns about the UK’s Bill, saying he rejects the “idea that our democratically elected Government should be superseded by the UK Parliament.” Premier Smith said, “This is a deeply flawed policy as the BVI... Read more of this article
Cayman Options Open, Including Legal Challenge
The Cayman Islands is “keeping all options on the table including a legal challenge to the amendment” as the UK House of Commons “seeking to legislate for the Cayman Islands amount to constitutional overreach and are reminiscent of the worst injustices of a bygone era of colonial despotism.” This is according to the Cayman Compass,... Read more of this article
FOTBOT: ‘Being Forced On Them Is Problematic’
The Overseas Territories are “self-governing territories and the idea of legislation being forced upon them is problematic,” the Friends of the British Overseas Territories [FOTBOT] organisation said. Their comments follow after the UK Government said it will support an amendment to order Overseas Territories to make their ownership registers... Read more of this article
Premier: Action By UK Has No Place In 2018
“This attempt to legislate for Bermuda from London is a return to base colonialism and is an action that has no place in 2018,” Premier David Burt said following today’s debate and vote in the UK House of Commons. A Bill before the UK Parliament is aiming to make all the Overseas Territories introduce public ownership registers by the... Read more of this article
UK Govt Will Not Oppose Territories Amendment
According to reports from the British media, Minister Sir Alan Duncan has just announced that the UK Government will not oppose an amendment which will require the Overseas Territories to introduce public ownership registers by the end of 2020. “Britain’s government agreed on Tuesday to order its overseas territories to make secretive company... Read more of this article
Lords Vote ‘No’ On Public Register For OTs
The UK’s House of Lords voted down a proposal that would have called for six British Overseas Territories, including Bermuda, to implement a publicly-accessible register of beneficial ownership by January, 2020. One report said, “The vote took place during a debate on a proposed Sanctions and Anti-Money Laundering Bill, of which the plan to... Read more of this article
