Firms urged to file beneficial ownership details before deadline

The government is urging every company registered in Barbados to check, update and file its beneficial ownership information before the November deadline, as officials warn that compliance with the new law extends beyond international businesses.

Permanent Secretary in the Ministry of Energy, Business Development and Commerce Kevin Hunte said compliance with the new Beneficial Ownership, Transparency and Register Act was not limited to international businesses, stressing that every registered company had responsibilities under the new legislation.

He told reporters: “Let me put it plainly, because there’s a temptation to assume that this is a matter for international companies only. It is not.”