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Crown dependencies face crackdown on secret companies

Jersey, Guernsey and the Isle of Man face a financial transparency crackdown, after Conservative MPs ambushed prime minister Theresa May to demand an end to secret company ownership. The three crown dependencies are exempt from EU rules requiring countries to publish registers of the real owners of companies. Transparency campaigners argue that the lack of disclosure has aided large-scale money-laundering. Jersey has previously warned that such a move would “trigger a constitutional crisis”, because the crown dependencies are self-governing and not represented at Westminster.

Financial Times - March 1, 2019

View the full story here: https://www.ft.com/content/d96a3bac-3c3e-11e9-b72b-2c7f526ca5d0