UK HOUSE OF LORDS REJECTS OPEN BENEFICIAL OWNERSHIP REGISTERS
February 1st, 2018
The UK’s House of Lords has narrowly voted to reject a proposal to create an public register of ultimate beneficial ownership (UBO) in six British overseas territories, forcing the government to consider reintroducing the proposal in one year’s time – whc would prevent the Lords vetoing the measure. The decision, on an amendment from crossbencher Baroness Stern to the UK sanctions and anti-money laundering bill that would have brought in an open register by 2020 listing beneficial owners in Anguilla, Bermuda, the British Virgin Islands (BVI), the Cayman ...
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