What is a public register of beneficial ownership?
A public register of beneficial ownership is a centralised database or registry that contains information about the individuals or entities that ultimately own or control a company or legal entity. It aims to increase transparency and combat illicit activities such as money laundering, tax evasion, and corruption.
What is a declaration of beneficial ownership?
A declaration of beneficial ownership is a legal document or statement that discloses the individuals or entities who are considered beneficial owners of a company or legal entity. It is a means of providing transparency and fulfilling regulatory requirements in relation to ownership and control.
In the declaration, the company or entity typically identifies and discloses the individuals or entities that have a significant level of ownership or control over the organisation, even if their names do not appear on the official legal documentation. Beneficial owners are those who enjoy the benefits of ownership, such as receiving profits or having control over decision-making, regardless of the legal ownership structure.
Amendment to the Sanctions and Anti-Money Laundering Bill
On 1 May, Foreign Office minister Alan Duncan announced that the government would not oppose a Labour amendment to the Sanctions and Anti-Money Laundering Bill currently going through parliament that will introduce public ownership registers in Britain’s overseas territories.
The 14 overseas territories, including the British Virgin Islands and the Cayman Islands, will be forced to introduce the public registers by 2020 or have them imposed by the UK government. The amendment will not apply to the Crown Dependencies of Guernsey, Jersey and the Isle of Man as Parliament cannot legislate for them, but Conservative MP Andrew Mitchell who introduced the amendment along with Labour MP Margaret Hodge hoped the crown dependencies would also embrace the registers.
The overseas territories have already introduced private central registers of ownership, accessible to UK law enforcement and tax authorities.
Tax evasion training available in multiple versions to match all countries
VinciWorks’ tax evasion course, Tax Evasion: Failure to Prevent, is available in multiple versions. Users can take the version most relevant to them by selecting their industry and countries they operate in.