Bermuda has extended the scope of its legislation on the disclosure of beneficial owners of corporate and legal entities.

The island nation is amending its laws to meet international transparency standards as recommended by the Financial Action Task Force and the Organisation for Economic Co-Operation and Development.

Timely reportingThe amendments aim to ensure that adequate and accurate information concerning beneficial owners of Bermuda companies, limited liability companies and partnerships is accessible to the regulator and law enforcement agencies.

Information must be updated on a timely basis. This has led to requirement for companies and partnerships to establish and maintain a beneficial ownership register at their registered office.

Definition

A beneficial owner under Bermudan law is any individual or individuals who own or control more than 25 per cent of the shares, voting rights or interests in the company through direct or indirect ownership.

If no such individual or individuals exist or cannot be identified, any individual or individuals who control a company by other means or a senior manager of the company must be declared as a beneficial owner.

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