The UK's three Crown Dependencies - Jersey, Guernsey and the Isle of Man - have just issued press releases on a joint decision, announced today. In the Jersey version they say:
The governments of Jersey, Guernsey and the Isle of Man are today jointly announcing a series of steps regarding each jurisdiction's central register of beneficial ownership information of companies and how they will move towards developing international standards of accessibility and transparency in the coming years.
The press release includes much bluster like this:
The three jurisdictions have a long track record of high standards which are effective in helping to tackle financial crime and countering the financing of terrorism, and all three actively support the development of global standards of transparency.
The commitment announced today will increase further transparency and accessibility, while maintaining high standards of accurate, up-to-date, verified information. It sets out three clear stages which are consistent with the EU's approach to transparency of beneficial ownership data of companies under the EU's Fifth Money Laundering Directive (‘the EU Directive') within a deliverable timeframe.
The reality is that under pressure from tax justice activists, the UK House of Commons (and most especially Margaret Hodge and Andrew Mitchell) and the EU all three have now caved in to the demand that they have long resisted that the beneficial ownership of companies registered in their domains must be made public.
I am delighted. This is yet another victory for tax justice over those who have for so long resisted every measure that we have demanded to make sure that the right amount of tax (but no more) is paid in the right place at the right time, which is exactly what they have, for so long, sought to prevent.
It's now a decade since I defined the term secrecy jurisdiction to describe these places. Since then we have made massive progress in shattering that secrecy. There is still more to do. But today is a good day for all involved in making the world a fairer, more equal, honest and transparent place in which to live, work and do business.
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I agree that we should celebrate good news when it comes. This seems like a moment of great progress.
Some will point out that’s too early to declare victory, which is also true.
I see Alex Cobham is feeling outright negative about it†(tweet):
And there’s brief mention in Naomi Hirst’s quote in the Guardian:
Indeed it seems to me these registers tend to provide endless loopholes for bad actors, even when they’re not trying to. For example the UK’s PSC register is pretty open, but if a “Person of Significant Control” can be a company… that right there is an easy avenue for obscuring the truth. We can be sure the crown dependencies will seek to provide all manner of secrecy tricks beyond that.
Even so… Good news. In the long climb out of the worlds pit of financial secrecy, we’ve gained a toe-hold!
I have always taken a broader view
The principle has been won and it was being vigorously opposed by them
I pointed out the weasel words
I know more action will be required
But I still celebrate progress – and this is a step forward
Changes are not easily made. Congratulations to all involved.
I whole hearted second Andy’s sentiments – well done!
and I third it.
I thought this was becoming an International Standard anyway?
Only because of campaigner pressure
I thought this was becoming a standard across the EU and the Channel Islands with the IOM said they would only ever agree to make BO Public Registers if it became a standard, and it is.
So all they are doing is copying everybody else as they always agreed to.
And why do you think it is a standard?
public registers of beneficial ownership?
I’ve read the links and I agree with Harry Wood on this.
If you have evidence that your view about the registers being made available to the public is right, I’d be happy to read it and check it out.
So you are saying there will be no public register when this is the requirement?
I have noted your email address
Your clarification would be appreciated
Getting carried way again Richard.
Local Blogger Tony puts this story into context –
http://tonymusings.blogspot.com/2019/06/beneficial-ownership-registers-what.html
All that proves is Jersey is happen to deliver lowest common denominator compliance
Will these rogue companies have time to transfer to other places such as Gibraltar, BVI etc?
Yes
But the net is closing
Dear oh dear.
It will only happen when all 27 EU Countries do the same.
So I’d forget it.
In other words, you’re still choosing to harbour crime and support the money launderers
Richard if you had any proof that Jersey harbours crime then you’d be shouting it off the roof tops.
But despite deliberately ignoring all our anti Money Laundering protocols you prefer to smear the Islands with nothing more than a hunch.
Oh come on, stop being silly….
Another area that’s been over looked is Data Protection and peoples privacy.
I wouldn’t pop any champagne corks yet Richard.
That one is just ridiculous
And will not fly….I guarantee you