Beneficial ownership proposals by the end of year

New proposals for a register of beneficial owners in Guernsey will be published before the end of the year, according to the chief minister.

At the 45th British Irish Council, Deputy Lindsay de Sausmarez confirmed the Policy and Resources Committee would publish a policy letter on the matter by the end of the year.

Earlier this year, the States went out to consultation on the issue of proposals for a framework of who should have access to information on the beneficial ownership of Guernsey companies.

Chief Secretary to the UK Prime Minister Darren Jones said it was important jurisdictions worked together on issues around transparency.

A register of beneficial ownership is a record of the people who ultimately own or control a company, trust, property, or other legal entity.

Earlier this year, Labour MP Lloyd Hatton called for the islands to create public registers of beneficial ownership, in an effort to make tackling financial crime easier.

Speaking at a press conference at the end of the British-Irish Council, which was hosted at Les Cotils in Guernsey, De Sausmarez said: "It's something that we've had many conversations with, both with the UK government and other Crown dependencies.

"We're pleased to be able to report progress on that topic.

Jones said: "Transparency is obviously important in these situations, and it's right that we work together to make sure that's the case, whether it's for law enforcement activity or for general levels of compliance.

"There's more that we all need to do in the UK.

"We're having to update the way in which Companies House, for example, verifies identity and address details when registering new companies.

"All of us have a shared interest in making sure that we're not providing loopholes or easy routes for money laundering or hiding assets in a way which is in breach of the law.

"The more we can do to make sure that transparency is applied in the way the public would expect, the better."

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