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The UK Government expects Guernsey to introduce fully public beneficial ownership registers which it sees as a critical tool in tackling illicit finance.
Home Department Minister Dan Jarvis has answered an official question from Labour MP Phil Brickell about what steps the department was taking to ensure that Crown Dependencies are not used to launder the proceeds of corruption.
"Corruption and illicit finance threaten global security, harm democracy, hamper economic growth and prosperity, slow development, and harm victims," Mr Jarvis said in response.
"The UK Government is committed to working together with international financial centres, including the Crown Dependencies and the Overseas Territories, to help tackle corruption and money laundering."
The Crown Dependencies have company beneficial ownership registers and they share data from these with UK law enforcement via the Exchange of Notes arrangements.
But the UK wants to see more access to other people.
"Publicly accessible company beneficial ownership registers are a critical tool for tackling illicit finance, making it more challenging for illicit actors to hide funds and launder the proceeds of corruption.
"The Home Office continues to work with the Crown Dependencies to help improve their beneficial ownership transparency and welcomes the commitments the Crown Dependencies have made for greater corporate transparency; the Crown Dependencies are working towards implementing legitimate interest access to their registers, including access for media and civil society.
"However, this Government is committed to tackling illicit finance and expects this to be an interim step to public registers. I look forward to meeting with the Crown Dependencies in 2025 to discuss this ongoing agenda."
On 13 December 2023 the Crown Dependencies set out a position where they said they would introduce obliged entity access in 2024 and then to develop and deliver "legitimate interest".
Pictured top: Dan Jarvis MP (gov.uk)
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