Jonathan Ashworth – 2016 Parliamentary Question to the Cabinet Office

The below Parliamentary question was asked by Jonathan Ashworth on 2016-05-23.

To ask the Minister for the Cabinet Office, with reference to the Answer of 11 May 2016 to Question 36368, what timescale Anguilla and Guernsey have given for putting in place central registers of beneficial ownership or similarly effective systems.

Matthew Hancock

The new arrangements agreed with Crown Dependencies and Overseas Territories with finance centres, giving UK law enforcement and tax authorities quick and unrestricted access to beneficial ownership information on corporate and legal entities incorporated in these jurisdictions, must be in place by June 2017. UK law enforcement authorities will, however, work with these jurisdictions to ensure that the spirit of the arrangements is respected immediately.

Anguilla committed to these arrangements via an Exchange of Notes with the UK on 19 April. The signing of the arrangement with Guernsey is expected shortly following their recent general election and formation of a new government. Implementation of the arrangement is anticipated to follow the same timescale as above.