Executive Summary

We welcome the Government of Bermuda’s consultation on legitimate interest access to its central register of beneficial ownership. It is a genuine step forward, and the commitment to a July 2026 implementation date matters. But Bermuda has repeatedly pointed to the EU’s Sixth Anti-Money Laundering Directive (AMLD6) as its benchmark, and on several material points, the proposed framework falls short of it.

Key concerns with Bermuda's legitimate interest approach, include:

  • The requirement that applicants demonstrate a connection to a specific legal entity, even for journalists, civil society and academics. Investigators would need to know who they are looking for before the register could help them find it.
  • No firm commitment to keep applications confidential. Bermuda proposes to protect requesters’ identities from beneficial owners, but not the fact that an application was made at all — leaving the door open to tipping off.
  • No commitment to historical records, including ,for example, the date someone became a beneficial owner. 
  • Uncertainty over whether trusts and their beneficiaries, trustees and settlors are included as beneficial ownership information. 

By following our recommendations, Guernsey can meet its commitments to combat money laundering in all its forms and continue to provide appropriate and effective transparency to support those critical objectives.

Summary of key recommendations:  to combat money laundering, the Bermuda Government should:

  1. Future-proof its beneficial ownership register by broadening its policy purpose in line with the UK’s register.
  2. Ensure open and repeated access to those who can demonstrate a legitimate interest, removing the requirement to demonstrate that ‘access is necessary’ through evidence linked to a specific entity.
  3. Protect user confidentiality and freedom of expression by introducing safeguards to keep user access requests and users’ identities confidential, with protections in place for those publishing information in the public interest.
  4. Design effective modalities of access by following Transparency International UK’s blueprint on legitimate interest access, which provides guidance on application processes, timeliness, appeals, cost and other key functionalities needed for an effective register.
  5. Enhance data usability by retaining historical beneficial ownership records for at least 20 years, recording the date on which a person became or ceased to be a beneficial owner, and extending coverage to parties to trusts and other legal arrangements.