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<p>In 2019, the Bailiwick of Jersey, Bailiwick of Guernsey and Isle of Man (the Crown
Dependencies) committed to implement publicly accessible registers of beneficial ownership
in line with principles adopted by the European Union.</p><p>In December 2022, following
the ruling of the Court of Justice of the European Union (CJEU), the Crown Dependencies
issued a statement announcing that they were pausing work on their public commitments
while they sought legal advice.</p><p>Currently 14 EU Member States allow public access
to their beneficial ownership registers. Gibraltar has maintained a publicly accessible
beneficial ownership register since 2020 and has not noted any negative economic impacts
resulting from implementation of its public register.</p><p>The UK and the Crown Dependencies
have differing legal views on implementing publicly accessible registers in light
of the CJEU ruling. The UK is satisfied with the lawfulness of our own publicly accessible
registers and continues to believe that the CDs could legally implement public registers
of their own.</p><p>The Home Office is actively engaging the Crown Dependencies to
understand their position. We will keep Parliament updated in the weeks ahead.</p><p>
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