The Crown dependencies of Guernsey, Jersey and the Isle of Man have published plans to introduce public registers of the beneficial owners of companies.
Crown dependencies to follow the overseas territories
The plans unveiled by the Crown dependencies are the latest development in the global transparency story. As we reported previously, the UK's overseas territories will be required by the UK to introduce public registers of beneficial ownership of companies. Until now, the crown dependencies of Guernsey, Jersey and the Isle of Man had resisted calls to do likewise.
Guernsey, Jersey and the Isle of Man have announced a series of steps regarding each jurisdiction's central register. These steps comprise: (a) interconnection of the registers with those within the EU for law enforcement and financial intelligence unit access; (b) access for financial service businesses and certain other prescribed businesses for corporate due diligence purposes; and (c) public access aligned to the approach set out in the EU's Fifth Money Laundering Directive.
The UK has had in place its own public registers of "people with significant control" (PSC registers) since 2016. For details of how the UK plans to update its PSC register regime in order to implement 5MLD, see our April 2019 update.
The UK also intends to implement a register of beneficial owners of overseas companies owning UK property. For more details, see our March 2018 update.