The UK government has published draft legislation today which sets out the minimum it expects to see from British Overseas Territories when they publish the owners of companies registered there.
The legislation – which is supported by Overseas Territories themselves – will improve corporate transparency and deter illicit finance.
The introduction of publicly accessible registers of who controls companies in their jurisdiction shows the Overseas Territories’ commitment to corporate transparency.
The registers will mean that members of the public will be able to look up who owns a company if it is registered in an Overseas Territory.
The government expects all Overseas Territories to have these registers in place by the end of 2023.
The original full article can be found at gov.uk