Article

CROWN DEPENDENCIES: UK to encourage the jurisdictions to introduce public registers voluntarily.


Added on 22/03/2019

As published on internationalinvestment.net, Thursday 21st March, 2019.

 

The UK government has told Westminster it will "encourage" the Crown Dependencies to voluntarily introduce new financial transparency rules as it recognises the islands' "self-governing" status.

Home Office minister Baroness Williams of Trafford said in parliament that the UK must respect the fact that the Crown Dependencies are not part of the UK.  "They are self-governing dependencies of the Crown with their own legislative assemblies, administrative, fiscal and legal systems and courts of law."

Jersey, Guernsey and the Isle of Man have confirmed they will develop public registers of company beneficial ownership when that becomes the international standard.

The Crown Dependencies have confirmed they will develop public registers of company beneficial ownership once it has been established as a global norm"

"The Crown Dependencies have confirmed they will develop public registers of company beneficial ownership once it has been established as a global norm.

"In October 2018 the government launched an international beneficial ownership transparency campaign to shift global norms by encouraging and supporting more countries to implement free to access and publicly available company beneficial ownership registers by 2023."

She added: "In line with this campaign, the government will encourage the Crown Dependencies to voluntarily introduce measures to improve the transparency of their company ownership."

MPs in the UK's House of Commons have withdrawn a financial services bill, fearing the government was likely to be face defeat on an amendment requiring Jersey, Guernsey and the Isle of Man to introduce pubic registers of company beneficial ownerships.

Registers already exist in the Crown Dependencies. They are not open to the public but are available to the UK authorities to fight corruption, money laundering and terrorist financing.