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Guernsey Publishes Action Plan On Beneficial Ownership

Jason Gorringe, Tax-News.com, London

24 June 2013


Guernsey's Chief Minister, Peter Harwood, has welcomed the developing commitment of G8 members to greater transparency on beneficial ownership, following announcements made at the summit on June 18.

Harwood said: "I welcome the UK's commitment to improve the supervision and enforcement of company formation agents in the UK and other jurisdictions, and which will bring those jurisdictions up to the standards that have been in place in Guernsey since the year 2000."

He continued: "However we also recognise that Guernsey has an obligation to maintain its position among those jurisdictions that show leadership on the recording of details on beneficial ownership. For that reason we have today published an action plan of steps that will further strengthen the procedures we already have in place to prevent the misuse of companies and legal arrangements in Guernsey."

"Guernsey fully supports the G8 transparency agenda, and we've taken the steps that demonstrate that - not just over the last 10 weeks, but over the last 10 years and more. Guernsey is part of the solution on tax transparency, not part of the problem," Harwood said.

TAGS: tax | investment | company formation | Guernsey | enforcement | standards

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