Islands register a strong move

Having been backed into a corner by two implacable opponents and a host of cross-party MPs determined to get the Crown Dependencies to bend to their will, the stakes had become impossibly high.

The threat was no longer just to this island’s major industry but to its ability to govern its own affairs.

Under such pressure it would have been tempting to capitulate or go out in a blaze of defiant glory. Neither would have benefited the Bailiwick.

Instead, Gavin St Pier and his team have found allies in Jersey and the Isle of Man and combined forces to buy themselves time and room to manoeuvre.

In the strictest terms, nothing has changed.

The three islands have always said that they would embrace public registers when they become the global norm.

However, by aligning themselves so publicly and forcefully with the EU directive, the islands have turned that vague promise into a substantial commitment.

It does not mean that a public register has moved any closer, only that the islands will move at the pace determined by the 28 EU member states.

Once Greece, Portugal, Cyprus, Luxembourg and co. have collated, created, connected and committed to setting up quality registers with accurate and up-to-date information, Guernsey and its two partners have promised to open up their books.

That could take some time. If anything today’s announcement highlights how far ahead Guernsey is of the international pack. It already has a quality, established register, praised by the FBI and recognised by its peers for its accuracy and speed. EU states have some catching up to do.

Beyond the pleasure of giving advice to the stragglers, the commitment to the EU’s Article 30 will be a powerful tool in the bid to persuade Westminster’s finest that the islands are already on track.

The UK can then look to clean up its own out-of-date, non-compliant and polluted register and work towards a positive global solution where everyone benefits.