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Jersey, Guernsey, Isle of Man To Make Company Info Public

Jason Gorringe, Tax-News.com, London

21 June, 2019

The governments of Jersey, Guernsey, and the Isle of Man have jointly announced a series of steps to improve the accessibility and transparency of their respective registers of beneficial ownership information.

The governments said that the changes will be introduced as part of a three-stage process and are consistent with the EU's approach to the transparency of beneficial ownership data of companies under the Fifth Money Laundering Directive.

First, the three governments will ensure the interconnection of their registers with those within the EU. This will enable law enforcement authorities and Financial Intelligence Units to access the information.

Second, access to the registers will be provided for financial service businesses and certain other prescribed businesses for corporate due diligence purposes. Finally, public access to the registers will be granted.

Jersey's External Relations Minister, Ian Gorst, said: "Jersey is proud to be among global leaders in matters of tax cooperation, transparency, and in combating money laundering and countering the financing of terrorism. The commitments we are announcing today ... will help to ensure that this leadership role is maintained, while taking into account the standards being developed within Europe."

Gavin St Pier, Guernsey's Chief Minister, said: "Guernsey has stated repeatedly that we would move to a public register of beneficial ownership as that becomes an international norm. We are publishing a detailed action plan to demonstrate how Guernsey will respond to global developments in regard to beneficial ownership over the next couple of years."

The Isle of Man's Chief Minister, Howard Quayle, said: "The Isle of Man has a longstanding, and independently verified, track record of meeting international standards. EU member states' implementation of public registers creates a clear direction of travel. It is in all our strategic interests ad our standing as responsible jurisdictions to commit to further developing the accessibility and transparency of our register of beneficial ownership for companies."

TAGS: Isle of Man | tax | business | law | international financial centres (IFC) | Guernsey | Jersey | enforcement | offshore | standards | European Union (EU) | Europe | BEPS |

 

 

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