Beneficial Ownership Amendments Understanding
Introduction
The Companies Act, through the Companies Amendment Act 2017, requires beneficial
ownership information from companies limited by shares. In reviewing this requirement, the
Financial Action Task Force (FATF) determined that all types of companies needed to
provide beneficial ownership information and that the beneficial ownership regime at the
Companies Office of Jamaica ("COJ") needed to be much more extensive. As such the COJ
in partnership with local and international stakeholders embarked on a project to revise the
current beneficial ownership requirements in the Act and to add further provisions to ensure
that the beneficial ownership regime meets international standards set by the FATF.
These amendments should ensure greater transparency in corporate governance and
reduce the risk of legal persons such as companies being abused and used for money
laundering and terrorism financing.
The amendments to be discussed in this presentation have NOT yet been passed into law,
however, it is the intention of the Government of Jamaica to enact same before the end of
this year, 2023.View entire presentation