The upper house of UK parliament known as the House of Lords has accepted the policy that forces the British Virgin Islands and other Overseas Territories to reveal the names of beneficial owners of offshore companies registered in those jurisdictions.

The policy, which is an amendment to the UK’s Sanctions and Anti-Money Laundering Bill, passed in the House of Lords on Monday, May 21.

This comes exactly three weeks after the UK’s lower parliamentary house (the House of Commons) first passed the amendment.

And with support from both the upper and lower houses of UK parliament, the amendment is now expected to be given to Her Majesty the Queen for Royal Assent. The BVI and other Overseas Territories have until December 2020 to comply.

It is feared the policy will drive business from these Overseas Territories towards other less regulated jurisdictions that also provide financial services.

More to come.