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Companies are reminded that they must know their beneficial owners and maintain beneficial ownership information at their registered office.
Acting Deputy Registrar at the Corporate Affairs and Intellectual Property Office (CAIPO), Casey Boyce, issued this reminder, as she outlined that beneficial owners own or control a company or other legal entity.
Ms. Boyce stated: “The availability of beneficial ownership information helps to ensure that businesses are free from the misuse of illicit activities, and it therefore protects the legitimate financial system from illegitimately acquired funds.
“Beneficial ownership information is now a key requirement of international tax transparency in the fight against tax evasion and other financial crimes.”
Beneficial Ownership Guidelines were issued in July 2021, by the Registrar of Corporate Affairs, and they may be accessed on www.caipo.gov.bb. The guidelines provide direction on the application and interpretation of the term “beneficial ownership”, and how to identify beneficial owners in various types of corporate structures.
Companies must certify by way of their domestic annual return that accurate and up-to-date beneficial ownership information was maintained for the preceding year. In addition, they must also notify the Registrar of any changes to their beneficial ownership, within 14 days of the date of the change.
The Companies Act gives the Registrar of CAIPO the authority to ask a company to produce any books, records or other documents it is required to keep.
If a person fails to comply with guidelines to produce beneficial ownership information, he/she is guilty of an offence and is liable on summary conviction to a fine of $100,000, or to imprisonment of a term of five years, or both.
For queries on beneficial ownership, business persons may email caipo.general@caipo.gov.bb.