FOREIGN & COMMONWEALTH OFFICE (FCO) POSITION PAPER INDICATES THAT THE UK WILL NOT BACK DOWN ON PUBLIC REGISTERS IN 2020

We have seen a number of articles in the media, detailing the statement of the Foreign and Commonwealth Office on the finality of its position on the December 31, 2020 deadline on the requirement of the establishment of Public Registers of Beneficial Ownership of corporations formed in the Overseas Territories. The Overseas Territories are disputing the right of the Crown, under the Constitution, to require those registers, which would render their currently opaque corporate entities transparent as to Beneficial Ownership.

Readers who wish to view the original source material that was consulted may access the complete text of the FCO White Paper*, which was delivered to the House of Commons Foreign Affairs Select Committee recently, here:

Written Evidence from the Foreign and Commonwealth Office

You are directed to page 5, paragraph 25, of the document.

*The document also provides a rare look at how the UK views its Overseas Territories, which will be of interest to those who are responsible for the assessment of Country Risk.

Chronicles of Monte Friesner - Financial Crime Analyst -