Money laundering concerns justify Jersey intervention, say MPs

Offshore secrecy represents a threat to the UK’s national security and justifies parliament forcing Jersey, Guernsey and the Isle of Man to adopt public registers of beneficial ownership, according to a letter written by two campaigning backbenchers.

Andrew Mitchell, a Conservative, and Labour’s Margaret Hodge told the chief ministers of the crown dependencies their concerns were so great they would press ahead with moves to demand transparency against the will of the three territories.

The MPs wrote: “We have no doubt that the UK has sufficient legal powers [to intervene because] the UK is responsible for ensuring the ‘good government’ of the crown dependencies.

“Prospective money laundering taking place through the crown dependencies threatens the UK’s national security and is an issue within the jurisdiction of the UK.”

Their letter makes clear that the MPs will seek to

... read more at: https://www.theguardian.com/world/2019/mar/11/jersey-guernsey-isle-of-man-share-ownership-uk-security

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