The Sanctions and Anti-Money Laundering Act 2018, which received royal assent on 23 May, requires the government to provide annual reports on progress made regarding the beneficial ownership register being put in place by 2021.
The first and second reports (to cover, respectively, the 12-month period from 23 May and the subsequent 12-month period) must include a statement setting out the steps that are to be taken in the next reporting period towards putting the register in place and an assessment of when the register will be put in place. The third report (for the 12-month period following the second report) must include a statement setting out what further steps, if any, are to be taken towards putting the register in place (s 50).
A last-minute addition in s 51 of the Act obliges the UK government, by no later than 31 December 2020, to require the government of any British overseas territory to introduce a publicly accessible register of the beneficial ownership of companies within its jurisdiction, if it has not already introduced such a register. This does not apply to Crown dependencies like the Isle of Man or the Channel Islands. This provision will be brought into force on a date to be appointed in regulations.
Following a discussion with leaders of the overseas territories, the prime minister’s office issued a statement on 25 May acknowledging the measure ‘was a matter of great concern for the leaders and that she was conscious of the strong reactions the issue had provoked in their territories’.
The prime minister said the UK’s aim ‘is to secure the best possible outcome in a way that minimises any possible risks to the economies of the overseas territories’.
In view of moves to establish public registers of company beneficial ownership as the global standard, the statement said the government expects other major financial centres, ‘including the Crown dependencies, to adopt public registers at that point’.
Following consultation on proposals for a new beneficial ownership register of overseas companies that own UK property or participate in UK government procurement, the government confirmed the timetable for implementation. It will publish a draft Bill before the summer recess this year. Formal introduction of the Bill is planned for summer 2019. The government intends that the register will be operational in 2021.
The Sanctions and Anti-Money Laundering Act 2018, which received royal assent on 23 May, requires the government to provide annual reports on progress made regarding the beneficial ownership register being put in place by 2021.
The first and second reports (to cover, respectively, the 12-month period from 23 May and the subsequent 12-month period) must include a statement setting out the steps that are to be taken in the next reporting period towards putting the register in place and an assessment of when the register will be put in place. The third report (for the 12-month period following the second report) must include a statement setting out what further steps, if any, are to be taken towards putting the register in place (s 50).
A last-minute addition in s 51 of the Act obliges the UK government, by no later than 31 December 2020, to require the government of any British overseas territory to introduce a publicly accessible register of the beneficial ownership of companies within its jurisdiction, if it has not already introduced such a register. This does not apply to Crown dependencies like the Isle of Man or the Channel Islands. This provision will be brought into force on a date to be appointed in regulations.
Following a discussion with leaders of the overseas territories, the prime minister’s office issued a statement on 25 May acknowledging the measure ‘was a matter of great concern for the leaders and that she was conscious of the strong reactions the issue had provoked in their territories’.
The prime minister said the UK’s aim ‘is to secure the best possible outcome in a way that minimises any possible risks to the economies of the overseas territories’.
In view of moves to establish public registers of company beneficial ownership as the global standard, the statement said the government expects other major financial centres, ‘including the Crown dependencies, to adopt public registers at that point’.
Following consultation on proposals for a new beneficial ownership register of overseas companies that own UK property or participate in UK government procurement, the government confirmed the timetable for implementation. It will publish a draft Bill before the summer recess this year. Formal introduction of the Bill is planned for summer 2019. The government intends that the register will be operational in 2021.
