Will anti-secrecy measures make Caribbean firms consider Jersey?

Earlier this year, MPs passed an amendment to the Sanctions and Anti-Money Laundering Bill to impose, by 2020, a transparent register of beneficial ownership of companies on the British Overseas Territories, such as Bermuda, Cayman and the British Virgin Islands.

It is feared that the move will undermine their financial services industries, where client confidentiality is highly valued.

The Crown Dependencies – Jersey, Guernsey and the Isle of Man – escaped a similar fate after a similar clause concerning them was dropped at the last minute.

Senior ministers in the Overseas Territories have complained that the move was ‘unconstitutional’ and ‘discriminatory’ because they were targeted and not the Crown Dependencies.

Lorna Smith, the executive director of BVI Finance, has,…

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