The private registers of who owns which companies in the Channel Islands are being made public.
It follows months of pressure from the UK, where politicians say it will help in tackling tax avoidance.
In March, more than 40 MPs supported an amendment which would have forced the Channel Islands to be more transparent when it comes to owns assets, but that debate was withdrawn.
Today Jersey, Guernsey and the Isle of Man have revealed how they plan to move towards making the register public.
The three phases are:
- To interconnect the islands' registers of beneficial ownership of companies with those within the EU for access by law enforcement and Financial Intelligence Units.
- To give access for financial service businesses and other businesses for due diligence purposes.
- To give public access aligned to the approach taken in the EU directive.
Since the announcement, Jersey Finance has responded with the following statement:
Following a series of meetings, the Chief Ministers of Jersey, Guernsey and the Isle of Man issued the following statement:
- WATCH: Gary Burgess explains beneficial ownership...