Register of Overseas Entities introduced to UK Parliament On 1 March 2022, the UK Register of Overseas Entities has been introduced to the UK parliament. The measures, which will be included in the Economic Crime (Transparency and Enforcement) Bill, will force beneficial owners of property in England, Wales and Scotland to provide information on their...Read More

US treasury publishes draft beneficial ownership reporting rule to tackle the use of shell companies The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has published a draft rule which will implement the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). The Act requires beneficial ownership reporting by domestic and...Read More

BO reporting proposed in Mexico’s 2022 economic reform Mexico’s Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público) has presented to the Chamber of Deputies (Cámara de Diputados)  its Economic Package for 2022 (Paquete Económico para 2022). The proposal aims at increasing compliance with international reporting standards, with particular reference to automatic...Read More

Under discussion the creation of a  BO register in Cayman Islands The Cayman Islands government has proposed to set-up a beneficial ownership register which will replace the current system used by companies to register their controlling persons. Since 2017, Cayman Islands have required companies to keep records of their beneficial owners and make them available...Read More

Non-controlling Jersey settlors will not classify as BOs Following the introduction of the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 (Disclosure Law), which came into force in January 2021 and created a beneficial ownership register for certain entities under scope, Jersey recently amended beneficial ownership guidance for companies owned by a trust....Read More