TI UK welcomes Bermuda’s proposal to introduce “legitimate interest” access to its BO register but argues that the framework should go further to align with FATF Rec 24 and the EU’s 6AMLD

TI UK argues Bermuda’s current definition of beneficial ownership is too narrow and should better capture individuals exercising control through ownership, voting rights, board appointments, significant influence, and trust structures. The paper supports granting access to journalists, civil society organisations, academics, reporting entities, and other parties involved in detecting money laundering, corruption, sanctions evasion, and related crimes…