The Registrar of Companies will assume management of the island’s beneficial ownership list of companies from November 1, the Upper House heard today.

It came as senators passed the Beneficial Ownership Act 2025, transferring management of the list to the registrar from the Bermuda Monetary Authority.

Kim Wilkerson, the Attorney-General and Minister of Justice, said the Bill established a legislative framework for a central ownership register, enhancing the island’s regime in accordance with recommendations.

She said a 2018 assessment by the Caribbean Financial Action Task Force found the island “robust and transparent” on beneficial ownership.

However in March 2022, the Financial Action Task Force global watchdog strengthened international standards on beneficial ownership to deter misuse — requiring the island to keep up with compliance, and consolidate various corporate Acts.

Ms Wilkerson said the gatekeeping functions of the BMA would also go to the Registrar of Companies.

The moves followed consultation inviting feedback from the public.

Ms Wilkerson said regulations would provide for how the registrar granted access by competent authorities to beneficial ownership information.

Victoria Cunningham, the Opposition Senate Leader, signalled the One Bermuda Alliance’s support, to maintain the island’s international business reputation.

She added: “Ultimately, I think we want less red tape so that the process of vetting and everything isn’t entirely onerous.”

Tawana Tannock, an independent senator, questioned how the register would be used to address “unexplained wealth orders”.

Ms Wilkerson said the Government was considering whether this would be applied under the legislative framework.

“It is a body of work that is under consideration,” she added.

The Upper House also passed the Proceeds of Crime (Miscellaneous) Act 2025.

The legislation allows David Burt, the Premier and Minister of Finance, to make provisions for the enhancement and effectiveness of Bermuda’s anti-money laundering, antiterrorist financing and counter proliferation financing regime in adherence with international standards.

The Bill amends the Proceeds of Crime Act 1997, the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008 and the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008.

Ms Cunningham said she recognised the “timeliness” of the legislation, adding that it spoke to the island’s reputation as a leading international financial centre.