Guernsey (a Crown Dependency of the UK) has recently been added the list of countries that are showing their support for the G5 initiative to launch the automatic exchange of information reporting requirements for BO (Beneficial Ownership).
All of the other Crown Dependencies have joined, making Guernsey the last country to join the initiative. Its reason for delaying the formal commitment was because the island was holding a general election where voters decided whether to join the scheme or not.
Guernsey established a consultation surrounding the benefits of implementing a Central Register in April 2016. The island proposed that the Central Register would be easily accessible by authorities in Guernsey via ‘legal entries’ and that the Government would be able to disclose any relevant information to authorities working for the initiative for any investigation and prevention requirements.
The requirements include the prosecution of crimes; gathering of taxes and conducting necessary functions of all required intelligence services. The register will not be public information and will remain private. The consultation closed last week and has therefore been finalised.
Guernsey’s government has officially signed the exchange of notes with the UK government on the subject of joint sharing of all BO information.