13 December 2023
The Crown Dependencies have today (13 December 2023) published a joint commitment to
increase transparency and accessibility to information held on their 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 and tax
authorities around the world. In line with the shared global aim of combating financial crime
in all its forms, access to the information will be extended to include:
- financial services business and certain other businesses in our own jurisdictions
(collectively described as obliged entities) who are required to conduct customer
due diligence
- those media and civil society organisations who can demonstrate a legitimate
interest in accessing relevant information in order to combat financial crime
The joint commitment follows careful consideration of recent decisions of the Court of Justice
of the European Union and the European Court of Human Rights which recognise the
incompatibility with public access with the right to privacy, and recognises recent
international developments in response to this. The joint commitment, which replaces the
commitment published in June 2019, states: “We have a longstanding and independently
verified track record of meeting international standards. We are proud of our global
leadership in tax cooperation, in combatting money laundering and in countering the
financing of terrorism and proliferation financing. We will continue to provide appropriate
and effective transparency which can support those critical objectives.”
The Crown Dependencies have already undertaken substantial preparatory work to enable
obliged entity access, and it will be implemented before the end of 2024 in a manner that
puts in place appropriate safeguards to manage effectively any interference with privacy
rights.
Subject to necessary approvals in the Crown Dependencies’ legislatures, access for those with
a legitimate interest will be provided in line with international obligations extended to the
three islands, recognising that there is a crucial balance to strike between protecting human
rights and combatting financial crime. The Crown Dependencies will develop and deliver
‘legitimate interest’ access in a leading timeframe, taking into account international
developments. Proposals to agree the definition of legitimate interest will be presented to the
islands’ parliaments by Q4 of 2024 at the latest with implementation following in a
reasonable timeframe afterwards.
The Chief Minister of Jersey, Deputy Kristina Moore said: “Jersey meets and helps to shape
international standards for tackling financial crime. Jersey and the other Crown Dependencies
are independently considered global leaders in this area. It is important to look to shared
global and regional approaches and we have a proven and ongoing good-neighbour policy
of cooperation with the UK and EU on such matters. Jersey continues to encourage other
jurisdictions around the world to raise their own standards, particularly for the obtaining,
verifying and provision of appropriate access to ownership information and effective
regulation of the financial services sector.”
The Chief Minister of Guernsey, Deputy Peter Ferbrache said: “Guernsey is pleased to
announce today its next steps for enhanced transparency and accessibility of information on
its register of beneficial ownership. The same approach is being taken by the other Crown
Dependencies and we are moving together to swift but realistic implementation timescales.
The islands share the vital global objective of all responsible jurisdictions to combat financial
crime in all its forms.”
The Chief Minister of the Isle of Man, Alfred Cannan MHK 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 today
outlines our shared approach on access to information on our registers.”
gov.je