Beneficial Ownership Update: Crown Dependencies
Published: 19 Jun 2019
Type: Insight
The Crown Dependencies (Jersey, Guernsey and the Isle of Man) have announced a joint policy commitment as to “ultimate beneficial ownership” (UBO) information.
Primary Contact
The policy announced today will increase transparency and accessibility whilst maintaining high standards of accurate, up to date, verified information. It sets out three clear stages which are consistent with the EU’s approach to transparency. The stages are:
- The interconnection of the islands’ registers of beneficial ownership of companies with those within the EU for access by law enforcement authorities and Financial Intelligence Units; then
- Access for financial service businesses and certain other prescribed businesses for corporate due diligence purposes; then
- Public access aligned to the approach taken in the EU Directive.
The Crown Dependencies have a long track record of high standards, effective in tackling financial crime and countering the financing of terrorism, and continue to maintain a commitment to global international standards.
