Guernsey makes more commitments to crack down on tax evasion

By added on 18/07/2016

Guernsey States has taken steps to crack down on tax evasion and money laundering, by formally committing to international agreements, reports ITV News.

The G5 initiative means countries will share information on beneficial ownership.

Beneficial ownership refers to when one person benefits from assets even though the legal title belongs to someone else.

It comes after pressure on jurisdictions to clamp down on financial crime, in the wake of the Panama Papers scandals.

The States has also signed an agreement with the UK meaning the island will provide law enforcement authorities, including tax authorities, with similar information.

The States say the commitments have reinforced its place as a 'leader' in transparency.

    As a jurisdiction at the forefront of transparency, international cooperation and international engagement it will come as no surprise that Guernsey supports the new G5 initiative and we look forward to working with the global community on its development and implementation.

        I am also pleased we have agreed the Exchange of Notes in relation to the sharing of beneficial ownership information with the UK.

        With our establishment of a beneficial ownership register, we will be building on the system we already have in place, which includes a legal obligation for corporate service providers to retain beneficial ownership information.

– Deputy Lyndon Trott, Vice President of the Policy & Resources Committee