UK exerts pressure on Guernsey to reveal beneficial owners
PRIME minister David Cameron is putting pressure on Guernsey to create a public registry of beneficial owners of companies.
But Guernsey's industry and politicians are expected to resist, saying the move could put the island's finance sector at a disadvantage.
In a letter to the Crown Dependencies Mr Cameron said the UK was looking to introduce legislation for a public register, which he hoped would be a 'key pillar' in the legacy of the UK's G8 presidency.
He added, however, that one country working alone could not 'tackle illicit finance globally'.
'I am very keen that we move forward together in raising standards of transparency globally.
'I therefore wholeheartedly welcome the Crown Dependencies' decisions to join us in leading this work,' he said.
Chief minister Jonathan le Tocq, pictured, said he would be responding to the letter in due course.
'We are looking at the detail of the UK Government paper in order to see how it might inform thinking on our existing regulatory framework for corporate service providers, and on how we continue to progress our action plan on beneficial ownership, which was published in June 2013,' he said.
'Guernsey continues to be supportive of any steps to create a truly global level playing field on transparency issues.'
