Montserrat’s publicly accessible register of beneficial ownership is now live online, the Financial Services Commission has announced.
The register provides transparency on who owns, controls or benefits from a company in order to help combat financial crimes such as money laundering, tax evasion and corruption.
Anyone can access company details for free at cipo.fsc.ms by entering the company name, number or officer name.
Available information includes the registered address, date of incorporation, current and resigned officers, individuals with significant control, previous company names, and insolvency history.
Launched on 11 October, the commission’s new platform also enables company owners to re-register and incorporate their businesses online, manage applications, and update company information.
Legislation that governs the introduction of the register includes the Companies Act 2023, Companies Regulations 2024 and Persons with Significant Control (Registration) Regulations 2024.
More information is available from the commission at info@fsc.ms, commissioner@fsc.ms or (664) 491-6887, or by visiting fscmontserrat.org
‘Essential tool’
In December 2023, David Rutley, former Parliamentary Under Secretary of State for Americas, Caribbean and the Overseas Territories, spoke of the implementation of beneficial ownership registers.
“Illicit finance is an active and growing threat to the UK family, and can undermine our national security, prosperity, and democracy,” he said in an online statement.
“It is more important than ever that we work together to tackle the emerging challenges.”
Rutley said publicly accessible registers of beneficial ownership are an “essential tool” in the fight against illicit finance and corruption.
They also provide substantial wider benefits to public trust in institutions and transparency in the business environment, he said.
UK involvement
A draft order in council issued in response to the Sanctions and Anti-Money Laundering Act of 2018 required the governments of the United Kingdom’s overseas territories to implement the registers.
In 2020, Baroness Sugg, then Minister for the Overseas Territories, set out in a written ministerial statement her expectation that the territories would implement registers by the end of 2023.
In November 2022, the Court of Justice of the European Union found that an EU requirement to implement publicly accessible registers was contrary to the ‘Charter of Fundamental Rights’.
This ruling does not apply to the UK or its overseas territories, however, several territories noted concerns about the legal implications of implementing a registers.
In his statement in December 2023, Rutley said the UK remains satisfied with the lawfulness of its own register and the ability of territories to meet the requirements of the draft order in council.
Due to differing views, several overseas territories will be implementing publicly accessible registers of beneficial ownership with a legitimate interest access filter for media and civil society organisations.
