Hashtag: #BeneficialOwnershipRegister
Proposed Beneficial Ownership System Changes
Under new legislation being proposed, local companies will be required to file changes to their beneficial ownership, and companies are now being urged to review the proposals contained in a consultation paper on the subject, the Finance Ministry said today. “This is a first for local companies in Bermuda, where the current requirement is for... Read more of this article
OT Register Amendment Withdrawn In UK
Legislation in the British House of Lords that would have forced Bermuda to make public a long standing register of corporate beneficial owners, has been withdrawn, the Ministry of Finance confirmed today, with the Minister of Finance calling it “a good day for Bermuda.” “Bermuda is the only country known to have an up-to-date register... Read more of this article
Richards: ‘We Have Double Standard Going On’
“We have a double standard going on here,” Finance Minister Bob Richards said according to a report from the Guardian,as “we have a much more transparent, much cleaner system than the countries that promulgate these rules in the first place.” The Guardian published their report today, saying: “The government of Bermuda has hit... Read more of this article
British MPs Seeking Public Register Amendment
A group of British MPs is seeking to make amendments to a Bill requiring British Overseas Territories to introduce public registers, with a cross-party group of 80 MPs reportedly backing the amendment. According to a report from the Guardian, “The UK’s Overseas Territories face renewed pressure to abandon corporate secrecy after 80 MPs joined... Read more of this article
Exchange Of Information Between UK & Bermuda
The official UK Government website posted a number of documents today [April 21], detailing information sharing agreements between the UK Government and various territories, including Bermuda. In posting the document, the website said, “This exchange of notes and technical protocol for sharing beneficial ownership information came into force on... Read more of this article
Agreement With UK: Extend Information Sharing
“Over this past weekend Bermuda signed an agreement with the UK to extend our programme of sharing beneficial ownership information from Bermuda’s central register,” Premier Michael Dunkley said today, adding that it ”includes expressed reference to our leading status as the only British Overseas Territory to have a continually... Read more of this article
Durrant: Disclosure Standards Exceed The UK
Financial secrecy only exists where there is no register at all and “here in Bermuda, we operate to disclosure standards which have for decades far exceeded those of the UK itself,” said Kimberley Durrant, the UK Representative for Bermuda Government. Ms Durrant’s comments follow after the Financial Times published an article about... Read more of this article
Premier Dunkley: Beneficial Ownership Registry
[Written by Don Burgess] Premier Michael Dunkley called on the UK to make progress in its own registry for beneficial ownership. The Premier, who is in London for the Overseas Territories Joint Ministerial Council [JMC] meetings, told Bernews that Bermuda is an “open jurisdiction and access has not been denied to appropriate sources who are looking... Read more of this article
Premier Dunkley Responds To Miliband’s Letter
“I was disappointed to learn of Mr. Miliband’s intended letter to Leaders of the Overseas Territories and on February 9th I wrote directly to him to share Bermuda’s position,” Premier Michael Dunkley said today [Feb 13] in the House of Assembly. The Premier’s statement follows after UK Opposition Leader Ed Miliband is reported... Read more of this article
Turks & Caicos Responds To Miliband’s Letter
The Turks and Caicos Islands Government said they “take exception” to UK Opposition Leader Ed Miliband referring to their jurisdiction as a “tax haven”, and added that they wish to align their position with the Overseas Territories that “stand in solidarity on this issue.” The statement from the TCI Government said that,... Read more of this article
Island A Leader On Global Transparency Issues
Bermuda’s well-documented financial services regulation, international partnership treaties, and lack of bank secrecy legislation ought to be recognised by the UK Labour Party, the Bermuda Business Development Agency [BDA] said today. The BDA echoed the Bermuda Government’s weekend response to UK Opposition Leader Ed Miliband following a warning... Read more of this article
MP Gauke: 33 Not Signed Up To Public Register
UK Financial Secretary to the Treasury David Gauke said he does not agree with the idea of putting Overseas Territories on a blacklist when “33 out of 34 OECD countries have still not signed up to a public register.” The comments from Mr. Gauke –a Conservative MP – follow after UK Opposition Leader Ed Miliband sent a letter... Read more of this article
Travers: Miliband Is “Hopelessly Out Of Touch”
The chairman of the Cayman Islands Stock Exchange has accused UK Labour Party leader Ed Miliband of being “hopelessly out of touch in relation to international tax avoidance.” Chairman Anthony Travers’ comments follow a letter from Mr Miliband to the leaders of Britain’s Overseas Territories and Crown Dependencies. Mr Miliband’s... Read more of this article
Bermuda Government: Surprised & Disappointed
The Government of Bermuda noted the comments from UK Opposition Leader Ed Miliband, saying they are “surprised and disappointed that the island has been included in the list of referenced territories which lack openness in such areas as ultimate beneficial ownership of companies.” This follows after Mr Miliband sent a letter to Overseas... Read more of this article
UK Labour Leader: ‘Writing To Put You On Notice’
UK Opposition Leader Ed Miliband is reported to have sent a letter to Overseas Territories and Crown Dependencies saying that within 6 months of the election of Labour government, they will be required to produce a publicly accessible central register of beneficial ownership. “If any Overseas Territory or Crown Dependency does not meet this deadline,... Read more of this article
“Mother England: What Can She Be Thinking?”
“It’s one thing for Britain to flirt with, or appease, the European Union’s bureaucratic bullies in Brussels, but it is quite another to attempt to export their toxic economic orthodoxy 4,800 miles west to their territories in the Caribbean,” a recent editorial from the Compass Cayman said. The editorial – titled “Mother... Read more of this article
