BRITISH OVERSEAS TERRITORIES TO PUBLISH LISTS OF THE COMPANIES' BENEFICIARIES

HomeNewsBRITISH OVERSEAS TERRITORIES TO PUBLISH LISTS OF THE COMPANIES' BENEFICIARIES

Starting in 2022, dependent and overseas territories of the United Kingdom such as the isles of Guernsey, Jersey and Man, plan to publish lists of the company beneficiaries. According to the British media, the decision was taken by the authorities of these territories following a lengthy period of the EU pressuring the UK to adopt the Fifth EU Anti-Money Laundering Policy Directive.

It is expected that after a collective appeal from the authorities of these three islands, the British Parliament will consider opening of the register step-by-step. As of 2020, companies registered in these territories will be required to submit registration data to the British authorities, indicating the specific location of the registration.

As of 2021, all data on the company owners will be shifted from Britain to the local area registers. The British cabinet and the MPs will then introduce changes to the registration procedure. This will make all data available on the Public Register of owners from 1 January 2022. By then, according to the British media, the central Government and the territorial authorities will have enough time to introduce the new registration rules to local legislation thus creating a legal basis for the new register.