Guernsey commits to international agreement on financial crime
18 Jul 2016

Guernsey States have formally committed to international agreements to clamp down on tax evasion and money laundering.

The government says it is supporting an initiative by G5 countries to share information on beneficial ownership.

Beneficial ownership refers to when one person benefits from assets even though the legal title belongs to someone else.

The States has also signed an ‘Exchange of Notes’ agreement with the UK, which means the island will provide law enforcement authorities, including tax authorities, information on beneficial ownership for legal entities.

It comes after pressure on jurisdictions to clamp down on financial crime, in the wake of the Panama Papers scandals.

You can claim CPD minutes for this content, by signing up to our CPD Wallet

FREE CPD Wallet

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.