Trusts criticism by MEP denied
GUERNSEY is anything but a secrecy jurisdiction, the Commerce and Employment minister has said.
It follows the European Parliament's approval of draft proposals that would see public registers created for the beneficial owners of companies, foundations, holdings and trusts.
Deputy Kevin Stewart, pictured, said Guernsey's position on beneficial ownership was clear.
'Guernsey already has a framework for regulating corporate service providers which provides similar outcomes to those apparently envisaged through the EU's model,' he said.
'A Dutch Green MEP, Judith Sargentini, who is Rapporteur to the European Parliamentary Committee, which adopted this position – LIBE – has been on the airwaves in Guernsey saying that trusts are unethical and labelling Guernsey as a secrecy jurisdiction,' said Deputy Stewart.
'Guernsey is anything but a secrecy jurisdiction, as the UK government and the OECD have both publicly vouched.'
