Guernsey Press

Pressure builds over registers

WHEN the political net is closing, everyone can see it and feel it, especially its intended victim.

Published

In Guernsey, we are closely watching the pressure building over public access to registers of beneficial ownership. It’s not a new matter, nor is it particularly pertinent, but it keeps on popping up on political feeds.

We’ve had two written questions from a Lancashire MP who’s either obsessed with beneficial ownership registers or is doing his master’s bidding, followed by political update statements. But one thing is consistent – the UK government’s belief (let’s face it, it’s mistaken) that public access to beneficial ownership registers is the way to clean up finance once and for all.

The local authorities will maintain that it’s privacy is important, not secrecy. If the authorities need to know something, they’ll get the help they need. Our data is verified, where the UK’s (on a public database) is often as good as irrelevant.

The rest of the world has been described as ‘lukewarm’ on this issue – but then most countries don’t appear to own a network of islands described as the worst tax havens in the world (we’re primarily talking Overseas Territories, though some would say the Crown Dependencies also fit the mould).

The line is strong and being maintained, but as the pressure builds, the islands are running out of road. Our next move will be a crucial one.