Islands are 'well ahead' on beneficial ownership register
AN ATTEMPT to make the UK Government compel Guernsey to set up its own publicly-accessible beneficial ownership register was withdrawn following debate at Westminster.
Labour MP, and Shadow Home Affairs Minister, Rupa Huq was behind the move, as she levelled accusations at Overseas Territories and Crown Dependencies.
She had proposed a clause be added to the proceeds of crime legislation, which could have seen jurisdictions faced with an Order in Council if they failed to set up a publicly-accessible register within a specific time frame.
Conservative MP Ben Wallace, Minister of State for Security at the Home Office, offered a strong rebuttal, when he said Crown Dependencies and Overseas Territories were already taking a number of steps on beneficial ownership and tax transparency.
This put them well ahead of most jurisdictions, he said, and stated that by next year the islands will have either have a direct central register or linked registers and this was '90% of the way'.
Mr Wallace also stated in recent history there had been no examples of the UK imposing legislation on Crown Dependencies without their consent.
Deputy Lyndon Trott, Policy & Resources Committee vice-president, also emphasised the work being done in respect of beneficial ownership.
He added the Channel Islands were not part of the UK and acts of the UK Parliament applied only to the islands with their consent.
