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Overseas territories to introduce public ownership registers

08 May 2018
Issue: 4646 / Categories: News

Government to work with overseas territories for launch by 31 December 2020.

The government will work with the overseas territories to set up public registers of company beneficial ownership by 31 December 2020.

Foreign Office minister Sir Alan Duncan made the pledge in the debate on the Sanctions and Anti-Money Laundering Bill in the House of Commons on 1 May.

Margaret Hodge (Labour) supported by Andrew Mitchell (Conservative) tabled an amendment to end the traffic of illicit funds through the UK’s overseas territories which include Bermuda Gibraltar Cayman and Montserrat.

Sir Alan said the government was ‘acutely conscious of the sensitivities in the overseas territories and of the response that new clause 6 may provoke’ so he pledged that the UK would work closely with them in shaping the order in council that the Bill may require. He added: ‘Alongside that we retain our fullest respect for the overseas territories and their constitutional...

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