The discussion on the implementation of public beneficial ownership registries for companies in the UK overseas territories continues in the UK Parliament. This is reported by MercoPress.
Which British Overseas Territories will launch beneficial ownership registers in 2025?
During a session of the British Parliament on March 10, 2025, Labour MP Nadia Whittome asked the Foreign, Commonwealth, and Development Office to clarify the situation regarding transparency and the fight against financial crime in the Overseas Territories through beneficial ownership registers.
The issue was commented on by the UK Minister of State for Europe, North America, and the Overseas Territories, Stephen Doughty. According to him, Montserrat and Gibraltar have already implemented public registers. By April 2025, the Falkland Islands and Saint Helena will join them. However, the British Virgin Islands, the Cayman Islands, Bermuda, as well as Anguilla and the Turks and Caicos Islands, have agreed to implement only beneficial ownership registers that are accessible to individuals who have verified their legitimate interest. This will be done by June of the current year.
These territories have agreed that their registers will provide the maximum possible level of access and transparency, while also containing the necessary safeguards to protect the right to privacy in accordance with the relevant constitutions,
According to him, representatives of the UK government are in contact with the authorized officials of the Overseas Territories on this issue. A mechanism is currently being developed that balances the right to privacy with the ability to conduct effective financial investigations.
Doughty believes that sooner or later, all Overseas Territories will create public registers.
How will London compel the Overseas Territories to establish public beneficial ownership registers?
The Labour government of the United Kingdom has pledged to work towards ensuring that all beneficial ownership registers in the UK are open to the public. An all-party group of forty Members of Parliament sent a letter to Foreign Secretary David Lammy, urging him to put pressure on the Crown Dependencies and Overseas Territories of the United Kingdom to begin establishing fully public registers of beneficial owners. This comes amid open opposition from the authorities of many Overseas Territories to London's attempts to force the disclosure of the ultimate owners of businesses registered in their jurisdictions.
Many experts cite the "secrecy" of information about commercial companies in the British Overseas Territories as one of the key factors enabling the movement of "dirty" money around the world. However, despite pressure from official London, local authorities are reluctant to force their businesses to become fully transparent. This trend became especially noticeable after the European Court of Justice's 2022 ruling, which declared the full disclosure of beneficiary data a violation of privacy. Although this decision does not formally apply to the United Kingdom and its Overseas Territories, it serves as a form of international moral justification for jurisdictions that are reluctant to establish open registers.
Public registers are essential in the fight against money laundering... [and] so that we can track the money and identify potential wrongdoings,
stated the members of parliament in their letter.
They noted that the authorities of the overseas territories had promised to address this issue but have failed to do so. The reluctance to disclose beneficiary data raises concerns among parliamentarians. They demand that the matter be resolved urgently.
In response to the parliamentarians' appeal, the UK Foreign, Commonwealth & Development Office stated that the government is working "with full energy" to establish public registers in all jurisdictions under London's control. The UK government recognizes this as one of the most crucial anti-money laundering measures.
What is a trade registry?
In our video we explain the definition and function of a commercial register and how you can verify the reliability and solvency of your foreign business partner.
Should you wish to check the sincerity of your foreign business partner’s request, Schmidt&Schmidt will gladly assist you.
We offer extracts from the commercial registers of more than 100 different registers in countries spread all around the globe. Additionally, we offer annual statements for a variety of companies. The original extract from any commercial register can be sent to you by mail or as a pdf-file via e-mail. Besides that, commercial register extracts can be authenticated with an apostille.
How Can We Help?
At Schmidt & Schmidt, we understand the importance of transparency and compliance in international business. If you need to verify the beneficial ownership of a company or check the legitimacy of a business partner, we can assist you. We provide officialcommercial registers extracts from over 100 jurisdictions worldwide, ensuring you have access to reliable and up-to-date corporate information. Additionally, our services include legalization and apostille certification, making documents legally valid for international use.
Whether you are conducting due diligence, mitigating risks, or ensuring compliance with regulatory requirements, our expertise will help you make informed decisions with confidence.
Contact us today to get the corporate information you need – quickly and securely.
