To ask Her Majesty's Government when they plan to introduce a public register of beneficial ownership for (1) the Crown Dependencies, and (2) other tax havens for which the UK has responsibility.
24 May 2019
It is important to note that the Crown Dependencies are self-governing jurisdictions with their own legislative assemblies, administrative, fiscal and legal systems and courts of law. They have confirmed they will develop public registers of company beneficial ownership once it has been established as a global norm.
In October 2018 the UK Government launched an international beneficial ownership transparency campaign to shift global norms by encouraging and supporting more countries to implement free to access and publicly available company beneficial ownership registers by 2023. In line with this campaign, the UK Government will encourage the Crown Dependencies to voluntarily introduce measures to improve the transparency of their company ownership.
Similarly, the Overseas Territories are self-governing jurisdictions. However, in accordance with the Sanctions and Anti-Money Laundering Act 2018, the UK Government will prepare an Order in Council by the end of 2020 requiring all Overseas Territories to have fully functioning publicly accessible registers in place by the end of 2023. The UK Government will work consensually with the Overseas Territories on introducing publicly accessible registers, which includes through technical workshops.