The governments of the Isle of Man, Jersey and Guernsey have issued a joint statement announcing a delay in legislation for registers of beneficial ownership.
In 2019, the Crown Dependencies made a public commitment concerning registers of beneficial ownership of companies.
The registers would allow people to find out who benefits from companies’ income.
It follows a ruling from the European Court of Justice, which was reported in December 6’s Isle of Man Examiner.
The joint statement reads: ‘We have a longstanding, and independently assessed, track record of meeting international standards.
‘We are proud of our global leadership in tax cooperation, combatting money laundering and countering the financing of terrorism, and in providing appropriate and effective transparency.
‘The recent judgment of the Court of Justice of the European Union impacts considerations in the Crown Dependencies around implementing the public commitment in line with consideration of factors around data protection and human rights.
‘We have all committed to provide access to obliged entities for the purpose of conducting customer due diligence by the end of 2022 and have therefore consulted on the position and produced policy positions.
‘However, in light of this CJEU judgment, implementation of this legislation will be delayed for a short period to enable consideration of its impact and obtain specialist legal advice; this is expected to be completed in early 2023.
‘Subject to that advice, our intention is to adopt legislation in our respective jurisdictions as soon as possible after this time.
‘In respect of extending access beyond obliged entities, we intend to obtain expert legal advice on all relevant issues and, in due course, intend to review the public commitment in line with that advice and any recent development of international best practice.’