The UK government has told Westminster it will encourage the Crown Dependencies to voluntarily introduce new financial transparency rules as it recognises the islands' self-governing status, according to a report in International Investment.
Home Office minister Baroness Williams of Trafford said in Parliament that the UK must respect the fact that the Crown Dependencies are not part of the UK. "They are self-governing dependencies of the Crown with their own legislative assemblies, administrative, fiscal and legal systems and courts of law."
Jersey, Guernsey and the Isle of Man have confirmed they will develop public registers of company beneficial ownership when that becomes the international standard.
Baroness Williams added: "In October 2018 the government launched an international beneficial ownership transparency campaign to shift global norms by encouraging and supporting more countries to implement free-to-access and publicly available company beneficial ownership registers by 2023.
"In line with this campaign, the government will encourage the Crown Dependencies to voluntarily introduce measures to improve the transparency of their company ownership."
MPs in the House of Commons withdrew a financial services bill earlier this month, fearing the government was likely to face defeat on an amendment requiring Jersey, Guernsey and the Isle of Man to introduce pubic registers of company beneficial ownerships.