Crown Dependencies commit to more 'transparency' to help combat financial crime

Chief ministers for Guernsey, Jersey and the Isle of Man following their joint pledge for the islands to become more open about the beneficiaries of companies registered in the islands.
The Chief Ministers of all three Crown Dependencies say they're committed to increasing "transparency and accessibility" with the material held on their registers. Credit: PA

Guernsey, Jersey and the Isle of Man have agreed to become more open about who is connected to companies registered in the islands.

All three of the Crown Dependencies published a joint commitment saying they want to "increase transparency and accessibility" with the information held on their registers of beneficial ownership to help combat financial crime around the world.

Each jurisdiction already shares data with law enforcement and tax authorities, but this new pledge would see data being shared by businesses that are required to conduct customer due diligence.

In addition, any media or civil society organisations that can prove they're accessing the information to combat financial crime will also be given access.

But the islands' governments say this will only be possible if a balance is struck between "protecting human rights and combatting financial crime" following recent decisions made about public access to information by courts in Europe.

The three islands say "substantial" work has started to enable access to the information and this should be available before the end of 2024.

In a statement released shortly before he was deposed in a confidence vote, Guernsey's Chief Minister, 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 islands share the vital global objective of all responsible jurisdictions to combat financial crime in all its forms." While Jersey's Chief Minister, Deputy Kristina Moore added: "Jersey continues to encourage other jurisdictions around the world to raise their own standards, particularly for the obtaining, verifying and providing appropriate access to ownership information and effective regulation of the financial services sector."

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