Jersey, Guernsey and the Isle of Man have announced they will voluntarily adopt public registers of the true owners of offshore companies incorporated in their jurisdictions.
In a joint statement, the three islands said they would introduce fully public registers by 2023. Campaigners welcomed the announcement as a victory for transparency and an “important first step” in the fight against tax evasion and money laundering, though they said key details needed clarifying.
The announcement follows years of scandals about the use of offshore companies. Public registers identifying the owners of anonymous shell companies are widely regarded by anti-corruption campaigners as essential to tackling economic crime.
The UK’s network of crown dependencies and overseas territories have been exposed as havens for dark money in recent years through the release of the Panama Papers and subsequent