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UK Expected To Continue Pushing For BO Registries

by Jason Gorringe, Lowtax.net, London
31 July, 2015

The Premier of the Cayman Islands, Alden McLaughlin, has said he anticipates that the UK will continue to apply pressure on its overseas territories (OTs) to create beneficial ownership (BO) registries.

Cayman media reported that the leader said, at a local press briefing, that the UK's OTs, who are due to meet with the UK Government in London later this year, are anticipating that the UK Government will continue to push for the public disclosure of information on the beneficial ownership of legal entities, even though the UK election period is over.

Late last year, the UK had proposed that, to promote increased transparency, international financial centers should make information on beneficial ownership available to other tax authorities – and potentially to make that information publicly available. These proposals were condemned by international financial centers, many of which noted that many advanced nations have less robust transparency regimes in place.

Subsequently, the Council of the European Union on April 20, 2015, endorsed proposals to require member states to maintain a central register of information on the beneficial ownership of corporate and other legal entities. It would be at the discretion of member states as to whether such information would be publicized, it said.

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