The Mottley administration on Tuesday tabled legislation requiring every registered company in Barbados to disclose its ultimate human owners or face regulatory penalties, in a sweeping expansion of corporate transparency rules aimed at safeguarding the island’s financial reputation and access to global banking.

Moving the second reading of the Beneficial Ownership, Transparency and Register Bill in the House of Assembly, Senior Minister and Minister of Energy, Business Development and Commerce Kerrie Symmonds said the measure marks a shift from past international business compliance to universal domestic enforcement.

While previous reforms focused primarily on foreign investors, the new framework applies to every enterprise to protect the country’s financial standing and ensure compliance with global anti-money laundering regulations, he said.