The States invited Baroness Hodge, who has consistently attempted to encourage her political colleagues to take action against the Crown Dependencies on financial secrecy, to visit the island again in 2024. Her visit yesterday was in response to that invitation while the Financial Times was running with a big story of the UK warning that it could take action over a lack of transparency in the Crown Dependencies.
The island continues to move towards greater openness but also took the opportunity to highlight what it already does on company formation, regulation and verification of data on the island’s private register of beneficial interests, and how it is ahead of the UK.
‘It is vital that Guernsey and the UK work together to fight financial crime in all its forms and co-operate with global partners,’ said Policy & Resources president Lindsay de Sausmarez, who hosted Baroness Hodge and junior Justice Minister Jake Richards.
‘We are rightly proud of our accurate, verified and up-to-date register of beneficial ownership and we are pleased to share our experience and expertise with the UK.
‘Guernsey’s robust approach and our swift and effective sharing of information with international law enforcement and tax authorities have been praised by external authorities, including Moneyval and the UK’s own Home Office.
‘Much evidence and many independent assessments show that we consistently meet and even exceed international standards, so it is a shame that outdated prejudices about Guernsey continue to be reiterated for the apparent purpose of generating media headlines.’
The States reinforced that Moneyval had recognised the island’s transparency record in its assessment published last year. The UK faces its first Moneyval review for a decade next year.
In a statement issued last night, the States said that the local beneficial ownership register ‘already delivered what matters most’ – rapid access to verified data for law enforcement and tax authorities in Guernsey, the UK and other jurisdictions.
Progress towards wider access to the local register was simply the next stage in the strategy of continuing to develop transparency in line with established EU policy, it added.
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