Legislation transferring the island’s beneficial ownership list to the Registrar of Companies was greenlighted by MPs today.

The Beneficial Ownership Act 2025 shifts business ownership from the Bermuda Monetary Authority to the registrar.

David Burt, the Premier and Minister of Finance, said the Bill would do away with “double-vetting” as business records are kept at both the BMA and the ROC.

He said: “The Registrar of Companies is in the process of putting in place the technical requirements in order to implement the central registrar of beneficial ownership that is easily accessible.”

Mr Burt said the optimisation of the online registry was expected to be completed next month.

He added: “I have made it clear to the United Kingdom Government, I have made it clear in statements to the House during questions, that the Government of Bermuda is making sure that we follow international standards.

“The international standards that we have committed to the European Union are to bring our amendments in line with the implementation date of the sixth anti-money laundering directive.”

Mr Burt said the directive was expected to be implemented in June 2026.

Jarion Richardson, MP for Constituency 23 (Paget West), said the One Bermuda Alliance backed the Government in “adapting to the changing regulatory environment that provides certain global mandates”.

He added: “Beneficial ownership was a complicated area, and one that we have had some challenges with in Bermuda for some years.”

Scott Pearman, the Deputy Leader of the Opposition, said the legislation “had been a long time coming” and noted its importance to the island’s business sector.

He highlighted that the Opposition had participated in last-minute changes to its drafting on the day before the debate.

Mr Pearman said: “We’ve done so not because we’ve wanted that to become habit-forming in this House, but because we agreed that this is an important Bill and we support the Bill.

“And it is important for Bermuda to march together shoulder to shoulder, Opposition and the Government, in relation to this particular area of law.”

Mr Pearman said Bermuda sought to become the “Rolls-Royce” of international financial jurisdictions.

He added: “We believe in international best practices on this island and we believe that Bermuda should lead from the front.”