On 20 November 2024, the Bermuda government announced that it is consulting to establish a unified register for beneficial ownership of legal entities, aligning with international transparency standards. Bermuda is advancing efforts to enhance transparency and combat financial crimes through a proposed Central Register of Beneficial Ownership.
This initiative aims to unify data on individuals who own or control legal entities, aligning with global standards set by organisations like the Financial Action Task Force (FATF). Key considerations include ensuring data accuracy, safeguarding privacy and defining access rights for law enforcement and regulatory bodies.
Stakeholder feedback is sought on operational design, legal frameworks and balancing transparency with confidentiality. This consultation reflects Bermuda's commitment to fostering trust and global compliance.
The closing date for responses is 8 January 2025.
The consultation can be found here.
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