PARLIAMENTARY WRITTEN QUESTION
(16 December 2024)

The Crown Dependencies are separate, self-governing jurisdictions responsible for their own domestic affairs, including financial services regulation. The Ministry of Justice is responsible for managing the UK’s constitutional relationship with the Crown Dependencies but all UK Government departments are responsible for their respective policy areas towards the Crown Dependencies and engage directly with them. The Home Office leads on illicit finance liaison with the Crown Dependencies for the UK Government.

Corruption and illicit finance threaten global security, harm democracy, hamper economic growth and prosperity, slow development, and harm victims. The UK Government is committed to working together with international financial centres, including the Crown Dependencies and the Overseas Territories, to help tackle corruption and money laundering.

The Crown Dependencies (the Bailiwick of Jersey, the Bailiwick of Guernsey including Alderney, and the Isle of Man) have company beneficial ownership registers and they share data from these with UK law enforcement via the Exchange of Notes arrangements.

Publicly accessible company beneficial ownership registers are a critical tool for tackling illicit finance, making it more challenging for illicit actors to hide funds and launder the proceeds of corruption. The Home Office continues to work with the Crown Dependencies to help improve their beneficial ownership transparency and welcomes the commitments the Crown Dependencies have made for greater corporate transparency; the Crown Dependencies are working towards implementing legitimate interest access to their registers, including access for media and civil society.

However, this Government is committed to tackling illicit finance and expects this to be an interim step to public registers. I look forward to meeting with the Crown Dependencies in 2025 to discuss this ongoing agenda.