Guernsey chief writes to MPs over transparency movespublished at 10:25 Greenwich Mean Time 6 March 2019
Rob Byrne
BBC News Online
Guernsey's chief minister has warned UK MPs that amendments to the Financial Services Bill are based on "misperceptions" over financial transparency.
The bill was pulled by the government on Monday, but will return to the House Commons before Britain is due to leave the European Union.
The amendments seek to force the islands to make company ownership information public, bringing the Crown Dependencies of Guernsey, Jersey and the Isle of Man in line with the UK and its Overseas Territories.
In the letter,, external Deputy Gavin St Pier writes the amendments are "based on common misperceptions about registers of beneficial ownership and transparency".
There was no evidence public registers of ultimate business owners, such as the UK's, were any more effective than Guernsey's private model of fighting financial crime, Deputy St Pier wrote.
He also branded the attempt to legislate "without our consent" as going against a "centuries-held constitutional rule".
Backers of the amendment argued tackling anonymous offshore companies was an important tool in the fight against money laundering, tax avoidance and tax evasion.
Such companies feature heavily in offshore leaks such as the Paradise and Panama Papers.