UK vs Overseas Territories: Parliament Urged to Proceed with Public Registries
Ministers of UK Parliament in the House of Commons have advised the UK government to push forward with the original implementation date for the publication of public registers of beneficial ownership for all British Overseas Territories; as per the Sanctions and Anti-Money Laundering Act 2018. The original date for implementation was supposed to be in December of 2020.
The UK Foreign Affairs Committee’s report states that the issue is pressing due to being “a matter of national security” after several backtracks were made after relations between the UK and their overseas territories became strained. Steps should be taken to strengthen the jurisdictions’ bonds, as well as being “firm but fair”.