Consultation launched for views on beneficial ownership register

Residents thoughts are wanted on possible changes to laws around beneficial ownership on Island.

Government has launched a public consultation asking for views on the Beneficial Ownership (Amendment) Bill 2020, which is aiming to improve the accuracy of the database which records beneficial ownership on Island.

Beneficial ownership is defined as the natural person or people who ultimately own or control a company, limited partnership or foundation.

Officials say the database is only available to law enforcement and regulatory authorities, and this wouldn't change under the proposed new rules.

It's also expected a separate public consultation will take place next year to inform of the introduction of a public register of beneficial ownership.

Those wanting to take part can do so by visiting the online government consultation hub before the deadline on Wednesday, October 21.

**

Bulletin version: