Bermuda's Ministry of Finance announced it would table the Beneficial Ownership Act 2025, proposing to transfer responsibility for Bermuda’s central register of beneficial ownership information from the Bermuda Monetary Authority to the Registrar of Companies and to strengthen the framework in line with the revised Financial Action Task Force Recommendation 24. The Bill would consolidate the regime into a single Act and build on the Registrar of Companies’ November 2024 consultation on the central register. It would designate the Registrar, acting on behalf of the Minister of Finance as competent authority, to hold and maintain the central register, exercise related powers, and issue and update guidance. The definition of beneficial owner would be broadened to cover different categories, and the Registrar would be empowered to disclose central register information to specified competent authorities and obliged entities for the exercise of their statutory functions. Regulation-making powers would also cover applications to suppress beneficial ownership information, discrepancy reporting and follow-up actions, and controls over the issue and transfer of securities. Floor amendments may be introduced during the second reading to reflect final stakeholder feedback ahead of the central register’s launch, with comments invited by 15 August 2025.

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