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<p>A Written Ministerial Statement (WMS) on 19 December 2023 provided a comprehensive
update on this issue (HCWS151).</p><p>Publicly accessible registers of beneficial
ownership are an essential tool for tackling illicit finance. That is why in 2016
the UK set up our own publicly accessible register of beneficial ownership, the People
with Significant Control (PSCs) register, which was the first of its kind in the world.
The UK Government is still committed to publicly accessible registers becoming the
global norm, including in the Crown Dependencies (CDs) and Overseas Territories (OTs).
Many other countries and jurisdictions around the world have joined us. We are still
working with others to achieve this aim.</p><p>Regarding the 2022 CJEU judgment and
other relevant rulings, 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. As set out in my WMS in December, according to Transparency
International, 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>On 13 December 2023, the CDs issued new
public commitments on providing access to their beneficial ownership registers for
obliged entities and those with a legitimate interest, including media and civil society
organisations. While the Home Office broadly welcomed these commitments as a very
significant step forward in beneficial ownership transparency, it is not the pace
the UK Government expects, and the CDs have been urged to implement them as quickly
as possible this year.</p><p>On 18 January 2024, the EU published proposals on their
Sixth Anti-Money Laundering Directive (6AMLD), which the CDs stated in their public
commitments will help inform the development of their own definitions of legitimate
interest access. With this important development, and considering the time that has
elapsed since their original 2019 commitments, and the importance these improvements
will bring to the security of the UK and the wider British family, the Home Office
is urging the CDs to make progress as quickly as possible this year.</p><p>The UK
Government position remains that the CDs should be working towards publicly accessible
registers in the longer term. Nevertheless, the Home Office looks forward to seeing
these commitments on legitimate interest access being adopted by the appropriate CD
parliaments. Parliament will wish to consider the CDs’ commitments and will closely
monitor the situation.</p>
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