Isle of Man

Lord Ahmad: No Imposition of Public Register on the Crown Dependencies


By added on 04/06/2018

 

(Cayman 27) -- Weekend reports out of Bermuda say its governing Progressive Labour party will be laying the foundation for its independence from the UK in the coming months.

At the centre of the independence push the UK’s imposition of public beneficial ownership registries on Overseas Territories. One of the sticking points for the OTs on the registries is the absence of Crown Dependencies in that push and there’s no intention by the UK to impose it on them.

On his visit here last Wednesday (30 May) UK Overseas Territories Minister Lord Tariq Ahmad cleared the air on the issue. He said the UK Government’s amendment to have Crown Dependencies create public registries was voted down.

“So we have to reflect what the will of Parliament was. The decision was that there’s a public registry requirement for the OTs and an (Order in Council) to be raised by 2020. We will ensure that we adhere to the spirit and the detail of what’s been talking but in doing so we will work collaboratively with the overseas territories,” Mr. Ahmad said.

Overseas Territories governments, including Cayman’s, have vowed not to adhere to UK’s decision to impose registries on them. They maintain it is unlawful.