Government says every company operating in Barbados will be affected by new legislation aimed at strengthening transparency in business ownership.

During debate on the Beneficial Ownership Bill, Senior Minister and Minister of Energy, Business Development and Commerce, Kerrie Symmonds, said the legislation will require businesses to disclose who ultimately owns or controls them.

He said the move is designed to strengthen Barbados’ fight against money laundering, terrorist financing and other financial crimes, while ensuring the island remains compliant with international standards.