Owners of British offshore will be revealed not earlier than 2023 year

The UK government specified the deadline for launching public registries of beneficiaries of companies established in the Overseas Territories. Such registries should be operational by the end of 2023.

The requirement to create public accessible registries of beneficiaries in the Overseas Territories was secured in May 2018 by the Law on Sanctions and Anti-Money Laundering. The law provides that territories which do not run such registries before December 31, 2020, must be forced to do so by the “Royal Order in Council”.

Lord Ahmad assured those present that public accessible registries of beneficiaries will be necessarily created and launched in all Overseas Territories. However, he acknowledged that by the time specified in the law, that is by the end of 2020, Gibraltar is the only one who plans to perform this requirement.

The minister named the end of 2023 the deadline for the launch of registries. This term is planned to be fixed in the Royal Decree which should be applied to territories that have not fulfilled the requirements of the law.

On materials of the following: https://www.gov.uk/government/news/sanctions-and-anti-money-laundering-act-receives-royal-assent