Gibraltar Consults On Beneficial Ownership Registry
by Mike Godfrey, Lowtax.net, Washington
30 July, 2014
Gibraltar has invited industry feedback on the creation of a central register of beneficial owners to improve transparency.
The move follows the Action Plan published in June 2013 at the G8 Summit in Northern Ireland and the UK Government recommendation earlier this year that territories should establish a publicly accessible central register of beneficial ownership information.
Gibraltar's consultation discusses what efforts are needed to improve the retention and disclosure of beneficial ownership information, and discusses what information needs to be retained to achieve this objective. Gibraltar is considering whether the information should be made public.
The consultation invites industry input on a number of technical points, including the definition of beneficial ownership and what safeguards are necessary to protect data. Feedback is invited in response to the consultation until September 30, 2014.Similar consultations have been launched in many other offshore financial centers including the Crown Dependencies, the Isle of Man, Jersey, and Guernsey.
See all of today's news