UK OVERSEAS TERRITIORIES MOVE SLOWLY TOWARDS CREATION OF PUBLIC UBO REGISTERS
June 2nd, 2020
THE UK’s overseas territories are struggling with something of an existential crisis, as they face an effective 2023 deadline for introducing publicly accessible beneficial ownership registers that could undermine their ability to offer confidential financial services to companies and wealthy individuals.
A statement to the House of Commons by the government last February (2019) laid down its position, namely that under the Sanctions and Anti-Money Laundering Act 2018 it would prepare draft legislation by December 2020 “requiring an Overseas Territory that ...
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