Сrown Dependencies to open registries of beneficiaries in 2022

The dependent and overseas territories of Great Britain, such as Guernsey, Jersey and the Isle of Man, plan to make public the lists of beneficiaries of companies from 2022. According to the British media, this decision was taken by the leaders of these territories after prolonged EU pressure on the UK to adopt the Fifth EU Anti-Money Laundering Policy Directive.

It is assumed that after the nomination of a collective appeal from the authorities of these three islands, the British Parliament will consider the gradual opening of the registry. Starting from 2020, companies that will be registered in these territories will be required to submit registration data to British registration authorities indicating the specific area of ​​registration.

From 2021, all data on the owners of companies will be transferred from Britain to the registers of local territories. Then the government and the British Parliament is obliged to make changes in the registration procedure, after which all data will be available to everyone in the public register of owners from January 1, 2022. By the time the media writes, the government and dependent territories will have time to make changes to the legislation of their islands, and the work of the registry will receive a legal justification.

Law and Trust International provides an opportunity to register a company in Guernsey. To get know more about the cost of registration and its features, please contact our lawyers.