Finance transparency 'prejudices' outdated - leader

Guernsey's top politician has criticised "outdated prejudices" over its financial transparency.

It comes as the UK's anti-corruption lead Baroness Hodge visited the island on Monday with justice minister, Jake Richards.

Earlier this week, the Financial Times quoted Baroness Hodge as saying Westminster could force Britain's crown dependencies to introduce better transparency on beneficial ownership - those in ultimate control of a company.

Baroness Hodge told the BBC she hoped to work with Guernsey as it increased access to its register of beneficial ownership. President of Guernsey's top committee Lindsay de Sausmarez said it was "vital" it worked "together" with the UK to fight finance crime.

De Sausmarez added Guernsey consistently met and even "exceeded" international standards, describing as "a shame" outdated prejudices continued to be "reiterated".

Baroness Hodge told the BBC the National Crime Agency (NCA) estimated money laundering and broader economic crimes like fraud may cost the UK £350bn a year.

She said this "indicative" figure pointed to an "eye-watering" scale of harm.

"Transparency is a vital tool in helping us to follow the money and combat economic crime.

"I hope that we can continue to work together as Guernsey implements full legitimate interest access to its register of beneficial ownership," she added.

De Sausmarez said the visit was part of an "ongoing dialogue" with the UK around the "shared fight to tackle illicit finance".

She said Guernsey was proud of its "accurate, verified and up-to-date register of beneficial ownership".

Guernsey's "swift and effective" sharing of information with international law enforcement and tax authorities had been "praised by external authorities," including the UK's Home Office, she said.

A recent public consultation was held in Guernsey about bringing in transparency reforms to provide access to beneficial ownership information to those "with a legitimate interest" only.

This would include journalists and non-governmental organisations that have a specific role in fighting financial crime, the States has said, to "develop transparency in line with established EU policy".

This data is already available for law enforcement and tax authorities.

The UK was yet to implement legitimate interest access, the States said, adding Monday's visit allowed Guernsey to demonstrate how the verification of data was of the "highest standard".

De Sausmarez said Guernsey's register made misuse "significantly more difficult than it is in other major finance centres, such as the UK".

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