UK Continues Fight for an International Public Registry with its Overseas Territories

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After tensions have been rising between the UK and its Overseas Territories, Lord Ahmad, the UK Minister for Commonwealth & the United Nations, has assured British Overseas Territories they will be given time to implement the required changes. They will have the next 4 financial years in order to establish publicly available registers of beneficial ownership, (until 2023) during which time the UK will be campaigning to have public registers accepted as a global standard.

Ahmad told reporters in Bermuda that legislative conflict between the overseas territories and the UK is highly improbable due to the territories not being left in any kind of disadvantage economically. Although his comments come at the same time the Cayman Premier warned UK politicians not to ‘publicly interfere in devolved local matters’.