Premier: Action By UK Has No Place In 2018

“This attempt to legislate for Bermuda from London is a return to base colonialism and is an action that has no place in 2018,” Premier David Burt said following today’s debate and vote in the UK House of Commons.

A Bill before the UK Parliament is aiming to make all the Overseas Territories introduce public ownership registers by the end of 2020 via an Order in Council. The Bill, in effect, aims to orders the territories to change their beneficial ownership register policies to adhere to guidelines the UK sets.

The matter of imposing a public beneficial register has been discussed for some time, with the Bermuda Government generally pointing out that the island has maintained a register of beneficial owners for over 70 years, and provides the information at request.

The Premier, who is also the Minister of Finance, said, “The action taken in the UK Parliament today signals a significant backwards step in the relations between the United Kingdom and the Overseas Territories.

“In the case of Bermuda, it is ironic that in the very year we celebrate the 50th Anniversary of our Constitution, Bermuda is confronted with this regrettable ‘about face’ which fails to acknowledge this long history of full internal self-government.

“The Government of Bermuda has a strong constitutional position and the people of Bermuda can rest assured that we will take the necessary steps to ensure our Constitution is respected.

“This attempt to legislate for Bermuda from London is a return to base colonialism and is an action that has no place in 2018. It is especially telling that the Crown Dependencies are not included in this amendment which is restricted to the Caribbean OTs and Bermuda.

“Bermuda sets the standard in this area and our reputation for sound regulation is well established, internationally recognized and will be vigorously defended.”