Crown dependencies weigh in on start of Brexit negotiations
Jersey, Guernsey, the Isle of Man and have been ‘working closely’ with the UK
Jersey, Guernsey, the Isle of Man and have been ‘working closely’ with the UK
No reprieve for crown dependencies and overseas territories despite removal from EU tax haven greylist
British parliament trying to force jurisdictions to create open beneficial ownership registers
British Overseas Territories will now have until 2023 to comply
One year after the deadline, most European Union member states have failed to implement Brussel’s 4th Anti-Money Laundering directive.
Tense talks are being held this week in London as leaders of British Overseas Territories (BOTs) try to persuade the UK Government to reverse its decision to impose public registers of beneficial ownership.
Money laundering is a matter of national security for the UK, and it therefore has the constitutional right to make British Overseas Territories (BOTs) introduce public registers of beneficial ownership, according to a select committee report.
The Isle of Man was ready to “vigorously challenge” the UK Government if it imposed a public register of beneficial owners on the crown dependency, its chief minister Howard Quayle has revealed.
The British Overseas Territories (BOTs) have slammed the UK Government for trying to force public registers of beneficial owners on the jurisdictions, describing it as an act of “constitutional overreach” and an “unacceptable act of modern colonialism”.
The tax secrecy practices of Britain’s Overseas Territories have been “shattered” by the UK Government, which in a dramatic turn of events, put its support behind an amendment that will introduce public ownership registers.