The proposal builds on a States debate from last April, but stops short of moves towards a fully open register.
A ‘legitimate interest access’ framework would provide access to beneficial ownership information to those with a validated legitimate interest only. This includes journalists and non-governmental organisations that have a specific role in fighting financial crime.
Jersey launched a similar industry consultation four months ago.
The States said that the move reinforced the island’s positioning and commitment to international standards of transparency, as demonstrated in the Moneyval mutual evaluation published last year. It said that the proposed approach seeks to enhance transparency in line with evolving international and EU standards while maintaining the island’s longstanding commitment to protecting privacy and personal data.
‘Guernsey is committed to continue being a responsible and well-regulated international finance centre. These proposals represent a balanced and carefully considered step that strengthens our contribution to global efforts to combat financial crime while ensuring that the privacy and safety of individuals remain firmly protected,’ said Policy & Resources vice-president Deputy Gavin St Pier.
‘We are inviting views from industry, media, NGOs and the wider community to help us shape a system that is robust, secure, and internationally credible.’
Those with a ‘legitimate interest’ could apply for access to limited beneficial ownership information through a secure, case-by-case application process managed by the Guernsey Registry.
The consultation also sets out a series of safeguards – including strict limitations on disclosure, exemptions for vulnerable individuals, and controls on data use – to ensure proportionality and compliance with human rights obligations.
The issue is regularly aired in the House of Commons by a variety of MPs raising issues in debate or filing written questions.
Earlier this year Home Office minister Lord Hanson said that the government was committed to working with the islands to tackle corruption and prevent money laundering, and to ‘strengthen their approaches to beneficial ownership transparency’.
‘The government’s ultimate expectation remains the introduction of publicly accessible registers of beneficial ownership registers,’ he said, ‘however, the steps they are taking to implement legitimate interest access to their registers are welcome.’ The consultation is running until 10 April.
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