UK:
Beneficial Ownership Update – Crown Dependencies
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Today it's been announced that the Crown Dependencies
(Jersey, Guernsey & Isle of Man) will begin a phased approach
to making their private beneficial ownership registers public, in
line with EU nations' fifth money laundering directive. The
policy will increase transparency to help tackle money laundering
and financial crime.
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.
Click here to read the official statement from the
Government of Jersey
Click here to read the official statement from the
States of Guernsey
Click here to read the official statement from the
Isle of Man Government
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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