Bermuda Enhances its Beneficial Ownership Regime

Bermuda has extended the scope of its existing legal requirements relating to disclosure of beneficial owners of corporate and legal entities in order to meet international transparency standards as recommended by the Financial Action Task Force and the Organisation for Economic Co-Operation and Development.

The intent of the amendments is to ensure that adequate and accurate information concerning beneficial owners of Bermuda companies, limited liability companies and partnerships is accessible to the regulator and law enforcement agencies and is updated on a timely basis. This has led to requirement for companies and partnerships to establish and maintain a beneficial ownership register at their registered office. Although similar requirements were introduced in respect of Bermuda limited liability companies and partnerships, this guide deals with the requirements in respect of Bermuda companies as a result of amendments made to the Bermuda Companies Act, 1981.

 

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