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Information collection, sharing, availability

Trinidad and Tobago is prepared to provide full and effective access to the beneficial ownership information of companies incorporated in Trinidad and Tobago to other partner countries.

Country: Trinidad and Tobago

Status: ongoing

Themes: Beneficial ownership

Last updated: October 2019


Concrete: Somewhat Concrete | New: Not New | Ambitious: Ambitious

  • 2 Evidence:

    Civil Asset Recovery and Management and Unexplained Wealth Act, 2019.

    Amendment to the Companies Act

  • 2 Notes:

    "The government is currently in the process of establishing a beneficial owner’s registry for all companies. At this time however, the TTEITI has a beneficial ownership registry for Energy Companies. The Miscellaneous Provisions (Registration of Deeds, Conveyancing and Law of Property, the Real Property and the Stamp Duty) Bill 2017 aims to criminalize the non-registration of all Deeds within a specific time period post-execution by the parties. The measures in the Bill accesses identification numbers in the registration process at Registrar General’s Department to collect and maintain certain information on all trusts and equitable arrangements thereby reducing the opportunity for abuse of such arrangements and consequently eliminating fraud in the transfer of interests. The Bill seeks to fully implement the Financial Action Task Force (FATF) Recommendation 25 on Transparency and Beneficial Ownership of Legal Arrangements. Under the proposed law, trusts are also being made mandatory for registration. With these safeguards being put in place, our legislation will satisfy our technical compliance under the FATF Recommendations and will help Law Enforcement Authorities identify fraudulent activity. The purpose of the Companies (Amendment) Bill, 2016 is to address beneficial ownership to unmask the true beneficial owners of companies to fully implement the Financial Action Task Force (FATF) Recommendation 24 on Transparency and Beneficial Ownership of Legal Persons. The Bill will introduce the establishment of a registry of company beneficial ownership information and sharing of data on the ultimate beneficial owners of companies with national authorities. The legislation is currently before the Cabinet prior to its introduction into Parliament."

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