The information and specific details of the owners of companies that are duly registered in the British Overseas Territories will not be made public until 2023. This news comes after the government in the UK delayed the mandatory creation of the registers to be used.
An amendment was put on hold to the Sanctions and Anti-Money Laundering bill 2018, which forces governments of 14 territories to impose public registers.
These registers are seen as a tool to combat tax avoidance in these jurisdictions, among many other jurisdictions. Some countries have even blacklisted jurisdictions such as the Caymans and BVI as tax havens, as they are both British Overseas Territories.
The SAML bill introduced in 2018 gave these jurisdictions until 2020 to introduce the registers, however this deadline has been granted to extended the deadline to 2023.
For additional information about this extension, please contact us and a corporate specialist will be in touch shortly.