Crown Dependencies commit to increase transparency around beneficial ownership

New commitment published by Jersey, Guernsey and Isle of Man

The Crown Dependencies have published a joint commitment to increase transparency, and accessibility to information, held on registers of beneficial ownership.

The central registers of company beneficial ownership in Jersey, Guernsey and the Isle of Man already exchange information with international law enforcement entities around the world.

But in line with a global aim of combatting financial crime in all its forms access to this information is being extended to include:

• financial services business and certain other businesses (collectively described as obliged entities) who are required to conduct customer due diligence

• media and civil society organisations which can demonstrate a legitimate interest in accessing the information in order to combat financial crime

The joint commitment follows consideration of recent decisions of the Court of Justice of the European Union and the European Court of Human Rights.

The Crown Dependencies will develop and deliver ‘legitimate interest’ access with proposals to agree the definition of this due to be presented to the island’s parliaments next year.

Chief Minister Alfred Cannan said: "The Isle of Man has a longstanding, and independently verified, track record of meeting international standards.

"Working with the other Crown Dependencies the Isle of Man continues to monitor and respond to international developments to ensure that our own systems remain robust, effective and in line with international obligations.

"The commitment announced outlines our shared approach on access to information on our registers."

This week Guernsey's External Relations Minister, Jonathan Le Tocq, told a Tynwald committee that he believes the deterrent is already there:

You can listen to the committee sitting in full by clicking HERE.