Beneficial ownership: statements by the Chief Ministers of Jersey and Guernsey

On 11 April, the Chief Minister of Jersey issued a statement announcing that Jersey had agreed to sign an exchange of notes with the UK that reinforces existing arrangements for providing beneficial ownership information to law enforcement and tax authorities.

On 4 April, the Guernsey Chief Minister wrote to the UK Prime Minister confirming Guernsey’s commitment to establishing a secure, consolidated and locally-accessed register of beneficial ownership, with provisions in place for timely information exchange between Guernsey and UK law enforcement authorities.

On 11 April, following the statement in the UK Parliament by the UK Prime Minister, the Guernsey Treasury & Resources Minister, Deputy Gavin St Pier, said

“As a strong partner of the UK in fighting tax evasion and corruption, we welcome the initiatives set out by the Prime Minister as we have the same outcomes in mind.

As I discussed this morning with the Financial Secretary to the Treasury, and as set out in our Chief Minister’s letter to the Prime Minister last week, the UK’s agenda on this issue has Guernsey’s full, unqualified and active support.  

As also set out in that letter, Guernsey is committed to putting in place a secure, consolidated and locally-accessed register with a designated point of contact, and putting the provisions in place for timely and reciprocal information exchange between Guernsey and UK law enforcement authorities. 

We support the UK’s initiative to put in place global standards, and are pleased that we are moving with the UK and other jurisdictions in that direction.”

Guernsey has parliamentary elections on 27 April.  An exhange of notes with the UK, similar to the one concluded by Jersey, is expected to be progressed swiftly after the elections.

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