The States of Guernsey has a long-standing commitment to meeting international standards on transparency of beneficial ownership of legal persons and legal arrangements. Transparency is facilitated by several important and interlinked mechanisms. These mechanisms include long-established and strong requirements for industry for the purposes of anti-money laundering and countering terrorist financing; a robust framework for the supervision of trust and company service providers established fifteen years ago; and commitment in practice to the highest standards of tax information exchange.
International standards, including those that underpin transparency, have continued to be developed. Guernsey, like all other jurisdictions which wish to engage with the international community, will need to play its part in enhancing current approaches to meet the expected outcomes of these developments.
Accordingly the States has issued a consultation paper on transparency of beneficial ownership of companies. The timing of this consultation means that both the content, and the responses to it, can take account of and benefit from the development of the international debate on transparency of beneficial ownership of legal persons.
Updated: July 2015
