Government is seeking to tighten oversight of companies operating in Barbados through new legislation designed to expose the real owners behind businesses, strengthen corporate accountability and safeguard the country’s standing in the global financial system.
Leading debate on the Beneficial Ownership Transparency Register Bill, 2026 in the House of Assembly Tuesday, Senior Minister and Minister of Energy and Business Development, Kerrie Symmonds said the measure represented one of the most significant reforms to Barbados’ corporate regulatory framework, extending transparency requirements beyond the international business sector to virtually every company operating on the island.
Symmonds noted that the legislation was highly technical but insisted it would have direct implications for every Barbadian doing business.
“This is now a piece of legislation that will touch every single company doing business in Barbados,” he said, explaining that the reforms were intended to ensure continued compliance with international standards governing anti-money laundering, counter-terrorist financing and the prevention of financing for the proliferation of weapons of mass destruction.
The minister explained that the legislation seeks to identify the “living, breathing” individual who ultimately owns or controls a company, rather than simply those listed as directors or shareholders.
He noted that while companies enjoy separate legal personality, authorities must sometimes “lift the corporate veil” to determine who is truly directing a business, warning that complex ownership structures can be exploited to conceal criminal activity.
Citing the example of the late Colombian drug lord Pablo Escobar, Symmonds illustrated how criminal enterprises have historically used nominee directors and figurehead shareholders to disguise the true beneficiaries of illicit wealth.
He stressed that Barbados’ financial services industry could never be allowed to become a vehicle for money laundering, terrorism financing or other criminal activity.
“The financial services sector cannot be used as an engine for generating illicit wealth,” he said.
Under the bill, a beneficial owner will generally be defined as an individual who directly or indirectly owns or controls at least 20 per cent of a company’s shares, voting rights or other ownership interests, or who exercises effective control through contractual arrangements or similar mechanisms.
Companies will also be required to disclose detailed information on beneficial owners, including the nature and extent of their ownership and how that control is exercised.
Symmonds, an attorney, said the legislation reflected increasingly stringent expectations from international watchdogs, particularly the Financial Action Task Force (FATF), which now requires countries not only to enact robust laws but also to demonstrate active enforcement through investigations, prosecutions and confiscation of criminal proceeds.
He said the country remains responsible for ensuring its financial system is not exploited by international criminal networks.
“As part of the international community, we have a duty to ensure that this island is not being used to funnel or support financially acts which are illegal,” he said. The minister also conceded that weaknesses existed within Barbados’ own corporate reporting system, with too many businesses failing to keep ownership information current or properly filed with the Corporate Registry.
He estimated there are approximately 30 000 registered companies in Barbados, adding that while many comply with reporting obligations, too many do not. The legislation, he said, would raise standards across the board to protect Barbados from reputational damage and maintain confidence among international partners.
Among its key provisions, the bill establishes a central Beneficial Ownership Register and creates a dedicated Beneficial Ownership Unit and Business Compliance team to verify information, maintain records and enforce compliance.
Companies and corporate service providers will be legally required to identify beneficial owners, maintain up-to-date ownership records and notify authorities of changes to directors or nominee shareholders within 14 days, with penalties applying for non-compliance. (BA)