Force islands to introduce registers, Oxfam tells MPs
OXFAM GB has waded into the controversy around public beneficial registers by calling on the UK government to force Guernsey to introduce them.
The charity wants UK ministers to use similar procedures in relation to the Crown Dependencies that were recently put in place to force the British Overseas Territories to introduce such registers.
Supporters of public registers claim they would reveal the true ownership of assets held in such jurisdictions.
However, the charity’s call for such action is likely to raise eyebrows given that it would be contrary to constitutional conventions that Guernsey and the other Crown Dependencies of Jersey and the Isle of Man are responsible for domestic legislation.
In evidence submitted to UK MPs investigating tax evasion, Oxfam GB said: ‘In some areas, the UK government has been at the forefront of international trends, including being the first to establish a public register of beneficial ownership of companies.
‘Oxfam supports the extension of this measure to the UK’s Overseas Territories and expects the government to use the formal powers described in the Sanctions and Anti-Money Laundering Act (2018) if there is an absence of adequate action by the OTs themselves. We hope the government uses its influence to reach the same result in the Crown Dependencies,’ said the charity.
Backing the use of Orders in Council to ensure OTs implemented public registers, it said: ‘We would like the same measure to be applied to CDs, if required. Public registers are an important tool against tax evasion and can help limit the potential for some kinds of tax avoidance, including by wealthy individuals.’
Driving home the message, the evidence concluded: ‘The government should ensure the Crown Dependencies introduce public registers of beneficial ownership, using similar procedures as mandated for the Overseas Territories in the Sanctions and Anti-Money Laundering Act (2018) if necessary.’
The States of Guernsey has also submitted evidence to MPs on the House of Commons treasury sub-committee, which is holding an inquiry into tax avoidance and evasion – including in relation to the issue of beneficial ownership registers.
It highlighted Guernsey’s ‘effective’ central register of beneficial ownership of companies and agreements on sharing information with UK law enforcement agencies as examples of co-operation. The evidence added: ‘Guernsey will move to a public register of beneficial ownership if that becomes an international standard; there must be a level playing field.’
