08/11/19

TURKS AND CAICOS: Introducing Public Ownership Register in Money Laundering Crackdown.

As published on internationalinvestment.net, Thursday November 7, 2019.

Turks and Caicos Islands will introduce a public register showing the beneficial owners of companies based in the jurisdiction in 2023, when it becomes the global standard.

The premier of the Turks and Caicos Islands, Sharlene Cartwright Robinson, made the announcement during a presentation at a meeting of Cabinet. "The TCI will work collectively with the EU, UK and the rest of the world through its association with the international bodies on shaping the standard for beneficial ownership information sharing," she said.

The register - part of the EU's 5th Anti Money Laundering Directive (5AMLD) - will show the beneficial owners of all financial entities domiciled in the territory, which is key to showing who is behind shell companies.

"The TCI will work collectively with the EU, UK and the rest of the world through its association with the international bodies on shaping the standard for beneficial ownership information sharing"

The move follows the British Crown dependencies of Guernsey, Jersey and the Isle of Man which announced that they would be following a similar timescale.

"The introduction of the UK's public beneficial ownership register, the EU's Fifth Anti Money Laundering Directive and similar actions by other jurisdictions represents a shift in the global standard and the practices used to combat illicit activity," she said, according to local media.

"Turks and Caicos is pleased to announce it has worked well with law enforcement and competent authorities around the world on tax information sharing, including beneficial ownership information."

Robinson added that assessments carried out by internationally recognised bodies confirm that the territory's transparency environment is consistent with the global standard.