A move to require Bermuda to make its register of company ownership public by the end of 2020 has been described as a backwards step in relations between the UK and the UK Overseas Territories by David Burt, the Premier.

A debate in the House of Commons, in London, saw the UK government accept an amendment to the Sanctions and Anti-Money Laundering Bill, requiring Bermuda and the other 13 UK Overseas Territories to make their company ownership registers public. The bill had previously passed through the House before being turned back by the House of Lords in January.

Mr Burt said: “The action taken in the UK Parliament today signals a significant backwards step in the relations between the United Kingdom and the Overseas Territories.

“In the case of Bermuda, it is ironic that in the very year we celebrate the 50th anniversary of our Constitution, Bermuda is confronted with this regrettable ‘about face’ which fails to acknowledge this long history of full internal self-government.

“The Government of Bermuda has a strong constitutional position and the people of Bermuda can rest assured that we will take the necessary steps to ensure our Constitution is respected.

“This attempt to legislate for Bermuda from London is a return to base colonialism and is an action that has no place in 2018. It is especially telling that the Crown Dependencies are not included in this amendment which is restricted to the Caribbean OTs and Bermuda.”

The key new clause in the Bill, which was accepted by the UK government, states that: “For the purposes of the detection, investigation or prevention of money laundering, the Secretary of State must provide all reasonable assistance to the governments of the British Overseas Territories to enable each of those governments to establish a publicly accessible register of the beneficial ownership of companies registered in each government’s jurisdiction.

“The Secretary of State must, no later than 31 December 2020, prepare a draft Order in Council requiring the government of any British Overseas Territory that has not introduced a publicly accessible register of the beneficial ownership of companies within its jurisdiction to do so.”

An Order in Council is effectively a decree from the UK.

• This article has been updated to include the reaction of Mr Burt.