Premier Hon. Alden McLaughlin updated members on the Joint Ministerial Council talks he attended in London earlier this month.
He told legislators that Overseas Territories leaders were told that they will now have up to 2023 to implement public registries of beneficial ownership. He also told MLAs the rules will also be extended to Crown Dependencies.
“The Sanctions and Anti-Money Laundering Bill, now Act do not apply to Crown Dependencies, but all indications are, I am told, from the authorities in UK is that the CDs will be brought on board by the time we get to 2023,” said Mr. McLaughlin.
The Premier also shared that several territories have started conversations with the UK to revise certain aspects of their constitutions, and that’s coming out of Britain’s actions in the Sanctions and Anti-Money-Laundering Law.
Debate on the Economic Substance Bill is in progress in the LA.