Overseas Territories may have a reprieve until 2023 to implement public beneficial ownership registries, but that could only happen through the wording of an Order in Council.
Under the contentious UK Sanctions and Anti-Money Laundering Law all UK overseas territories have to create public registries by 31 December 2020.
But that may not be the case, if leaders get their way.
An Office of the Premier statement on Thursday (6 December) about Wednesday’s (5 December) OT/UK Joint Ministerial Council meeting said, through discussions, the changes to the implementation of the registries would now be in line with the date projected to make such registries a global standard and that’s 2023.
In the discussions, it was said that the Order in Council, which will force overseas territories to create the registries, could be worded to say the expectation of the UK is that such registers would be fully implemented and operational by 2023.
That would thereby give the territories an extension for implementation.
Leaders also discussed constitutional changes to allow overseas territories to legislate for themselves.