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UK Law Enacted Requiring Overseas Territories to Establish Beneficial Ownership Registries

25 May 2018

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Approved Changes

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United Kingdom

Following agreement by both Houses of Parliament, the UK Sanctions and Anti-Money Laundering Act 2018 received Royal Assent (was enacted) on 23 May 2018. While most of the law includes provisions in relation to the power to make and apply sanctions in various cases, one provision of particular note introduced the requirement for the creation of publicly accessible registers of beneficial ownership of companies registered in British Overseas Territories. A prior amendment was approved to also impose the requirement on Crown Dependencies, but this was removed in the final Act. The provision includes that the Secretary of State must, no...