Online Platform Launched to Facilitate Training on Beneficial Ownership

Jamaica continues to fortify its position as a responsible player in the global financial landscape, with the recent launch of the Online Beneficial Ownership Training (OBOT) programme.

Developed in collaboration with the Ministry of Industry, Investment and Commerce (MIIC), Companies Office of Jamaica (COJ) and local educational company One-on-One, the platform possesses key features, such as a user-friendly interface, engaging multimedia content, customised learning paths, and real-time progress tracking.

Speaking at the launch, held at the Courtyard by Marriott in Kingston on May 7, Industry Minister, Senator the Hon. Aubyn Hill, said that the MIIC is actively engaged in implementing measures such as this, to enhance beneficial ownership transparency.

In this, he explained that the online platform was “developed to facilitate seamless and efficient training on beneficial ownership information”.

The learning platform, which can be accessed at www.botrainingjamaica.com, comprises six modules, each containing one to three units that cover various aspects of the beneficial ownership regime.

These include an introduction to Beneficial Ownership information, obligations of companies, sanctions, new powers of the COJ, and the relevant forms that are to be completed.

It also offers users an opportunity to gain a deeper understanding of the amendments to the Companies Act and their implications for transparency, accountability, and corporate governance.

Senator Hill further emphasised the importance of strengthening beneficial ownership transparency as a cornerstone of Jamaica’s efforts to combat financial crime, uphold the rule of law and promote sustainable economic development.

“When we strengthen Jamaica’s beneficial ownership regime, along with providing companies with appropriate resources, we can help to meet Financial Action Task Force (FATF) requirements and demonstrate commitment to responsible global financial practices,” he pointed out.

“Through collaborative efforts and decisive actions, we will ensure that Jamaica remains a trusted, attractive and reputable destination for investment, commerce, the growth of employment and the economy,” he added.

The platform is among the many initiatives undertaken by the COJ since the amendment to the Companies Act last March, helping members of the public and stakeholders to become familiar with identifying beneficial owners, and filing documents and sanctions.

Other initiatives include a special online-based facility called the Beneficial Ownership Hub and several stakeholder webinars.