New Public Registers to be required by 2020  in The British Virgin Island and other British Overseas Territories.

The United Kingdom Parliament has passed a bill which plans to require company owners to provide information about their properties in the British territories by 2020.

Penalization of up to five years imprisonment for those who fail to do so or conceal information.

This is part of an effort by the UK government to detect financial crimes and help law enforcement act quickly when money earned illicitly is detected.