Public registers of beneficial ownership 'would lead to fraud and cybercrime'

Jersey Finance has dismissed further calls in the UK for beneficial ownership records in Jersey to be made public, saying it would lead to cases of fraud and cyber-crime.

The States-owned body which promotes the finance industry said releasing the information "would make the system weaker."

• Geoff Cook, CEO of Jersey Finance

The comments come after the UK Shadow Home Secretary called for the change in an effort to clamp down on tax evasion.

Beneficial ownership refers to when one person benefits from assets even though the legal title belongs to someone else.

Speaking at a House of Commons debate on new financial crime legislation earlier this week, Dianne Abbott said the Crown Dependencies were part of 'the largest tax evasion network in the world'.

Geoff Cook, CEO of Jersey Finance, hit back at the comments, calling it "political grandstanding".