Crown Dependencies to share more on who profits from firms

The governments of the three islands have pledged to be more transparent over beneficial ownership

The Crown Dependencies have agreed to boost transparency about information held on those who profit from businesses.

Jersey, Guernsey and the Isle of Man said they would make "more accessible" the information held on their registers of beneficial ownership.

A statement said they already exchange information with law enforcement and tax authorities around the world.

But they have committed to "enhancing access" for financial services firms.

This new level of transparency would also extend to "certain media and civil society organisations" who could "demonstrate a legitimate interest", the government said.

This would be on the basis of their ability to prove the information could help tackle "financial crime".

It follows decisions by the Court of Justice of the European Union and the European Court of Human Rights on public access, the joint statement said.

'Global Leadership'

The commitment cites a "longstanding record" of meeting international standards.

Noting "global leadership" in combatting money laundering and countering the financing of terrorism, it said "effective transparency" would continue in this regard.

It said a system would be in place by the end of 2024 to enable more access, with "appropriate safeguards" to protect privacy rights.

It said decisions would reflect the "crucial balance between protecting human rights and combatting financial crime".

Deputy Kristina Moore, Chief Minister of Jersey, said there was a "proven" policy of co-operation with the UK and EU.

She said they were encouraging other jurisdictions around the world to "raise their own standards".

Deputy Peter Ferbrache, representing Guernsey, said: "The islands share the vital global objective of all responsible jurisdictions to combat financial crime in all its forms."

Isle of Man Chief Minister Alfred Cannan said the islands worked together to "monitor and respond to international developments to ensure that our own systems remain robust, effective and in line with international obligations".

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