Tuesday, July 14, 2020

Bermuda Schedules Beneficial Ownership Register to Go Public

Bermuda’s companies beneficial ownership register is to go public.

The island has kept records of the owners of companies for about 70 years, with the information only available to government authorities.

The Government said it would put forward legislation making the register accessible to the public by January 2023.

In doing so, Bermuda is following the lead of the UK Crown Dependencies, Jersey, Guernsey and the Isle of Man, and the Cayman Islands, all of which made similar commitments last year.

A government spokeswoman said: “Recognising the iIt'smportance of the provision of beneficial ownership information for the prevention and detection of domestic and cross-border crime, and in anticipation of the implementation of a global standard which Bermuda has similarly committed to meet once adopted, and in keeping with Bermuda’s previous commitments, the Government of Bermuda intends to make the companies central register of beneficial ownership information accessible to the public.”

“Accordingly, we have actively engaged with our global partners in respect of beneficial ownership and transparency.

“This announcement today underpins our commitment to ensure that Bermuda remains a jurisdiction of choice for quality and compliant business.”

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The Royal Gazette

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