Guernsey’s government is weighing new transparency rules that would let approved applicants access information on the beneficial owners of companies registered on the island, the BBC reported Monday.
The bailiwick’s Policy & Resources (P&R) Committee has launched a public consultation, open until April 10th, on who should be allowed to obtain beneficial-ownership data held by the Guernsey Registry. The proposals would create a system where people with a “legitimate interest” could apply for access, including journalists and nongovernmental organizations investigating financial crime, the news agency said.
Under the plan, access would be limited to information about individuals who hold an interest of 25 percent or more in a company. Applicants granted access would receive a set of core details: the beneficial owner’s name, date of birth, jurisdiction of residence, nationality, and the grounds for considering them a beneficial owner, the news agency said.
To successfully obtain access to the registry, applicants would have to demonstrate the information is needed to investigate money laundering or terrorist financing. The consultation is also seeking views on whether the scope should extend to other suspected wrongdoing, including corruption and tax evasion, the BBC said.
“The consultation reflected the continued evolution of international standards in this area and the need to ensure Guernsey remains aligned with international expectations,” the Guernsey Financial Services Commission said in a statement cited by the BBC. “We will continue to work closely with the States to ensure any future framework is robust and supports the island’s reputation as a well-regulated international finance center.”
The plan to open the registry to “legitimate interests” could still face legal hurdles and resource restraints, and the potential exploitation by criminals seeking to extort, kidnap, or steal from company owners whose identities have been disclosed in the database, according to the report.
Read more at the BBC