Crown Dependencies’ joint response on Parliamentarians’ attempt to impose public registers of beneficial ownership
02 March 2019
The governments of Jersey, Guernsey and the Isle of Man have raised strong objections to several amendments that are being proposed to the UK's Financial Services (Implementation of Legislation) Bill.
Guernsey and its fellow Crown Dependencies are not represented in the UK Parliament and the island’s constitutional relationship with the UK is through the Queen, not Parliament.
It is a respected constitutional position that the UK does not legislate for the Crown Dependencies on domestic matters without the consent of the islands.
All three islands have issued a joint statement which describes the proposed amendments as “contrary to the established constitutional relationships that exist between the United Kingdom and each of the Crown Dependencies and, if passed, would produce inoperable legislation”.
The proposed amendments attempt to impose public registers of beneficial ownership for all Crown Dependencies and Overseas Territories.
The islands say the move is “wholly unnecessary” in the context of their “robust” approach to the retention and sharing of beneficial ownership information.
“The standards applied by our jurisdictions exceed those of the United Kingdom, the registers in the Crown Dependencies contain information that is accurate and up to date. The Crown Dependencies cannot support any step that would adversely impact the effectiveness of our beneficial ownership registers, dilute the commitments we have made to transparency, or reduce the robustness of our regulation,” the statement continues.
To read the full statement, click here.
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