UK island tax havens to reveal company ownership

Isle of Man's flag. Picture: NATANAEL LAFREDO/NEMANITA GINTING/ 123RF

The three island territories pledged action consistent with EU anti-money laundering rules that include a requirement for a public beneficial ownership register, which is key to efforts to combat the misuse of shell companies to hide money. “We hope to encourage other jurisdictions to raise their own standards, particularly in relation to the verification of data and the regulation of the financial services sector,” Jersey’s external relations minister, Ian Gorst, said.

“The proof will, of course, be in the pudding — we have some concerns over the timeframe and that the details could leave plenty of room to manoeuvre,” Hirst said.

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